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Mount Kellett urges Clearwire to push for better deal price
January 16, 2013 / 7:06 PM / in 5 years

Mount Kellett urges Clearwire to push for better deal price

Jan 16 (Reuters) - Clearwire Corp shareholder Mount Kellett complained that Sprint Nextel Corp’s offer to buy out the company was “grossly inadequate” and said Clearwire’s special committee had breached its fiduciary duties in accepting the offer.

Mount Kellett, a holder of roughly 7.3 percent of Clearwire shares, said in an open letter to Clearwire on Wednesday that Sprint’s Dec. 17 bid to buy Clearwire for $2.2 billion or $2.97 per share would likely be voted down.

It urged Clearwire’s special committee to negotiate for improvements in an offer Dish Network Corp announced on Jan. 9 to buy Clearwire for $2.3 billion, or $3.30 per share, and said the Dish offer “provided further evidence” that the committee had failed in its duty to shareholders.

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