April 10 Wireless service provider Clearwire
Corp's largest minority shareholder Crest Financial Ltd
filed a proxy statement which, if cleared by the U.S.
regulators, will be used to urge Clearwire stockholders to
reject its proposed merger with Sprint Nextel Corp.
Crest Financial offered Clearwire $240 million last week in
debt financing - an alternative to what Sprint has offered.
"The filing of Crest's proxy statement is the next step in
our ongoing effort to block Sprint's unfair merger offer and we
are optimistic that we can do so," said Crest's general counsel
David Schumacher in the proxy statement. ()
Sprint offered to buy Clearwire for $2.2 billion in
December. Clearwire has taken $160 million in financing from
Sprint this year.
Clearwire, however, said it was still reviewing a $3.30 per
share offer from satellite TV provider Dish Network Corp
Crest is among a group of Clearwire shareholders that have
complained about Sprint's $2.97 per share offer, which would
need approval from a majority of shareholders.