NEW YORK May 3 Four minority shareholders with
roughly 9 percent of Clearwire Corp's shares have
agreed to work together to seek a better deal for the wireless
service provider, which agreed to be sold to majority owner
Sprint Nextel Corp.
Mount Kellett, Highside Capital Management, Glenview Capital
Management and Chesapeake Partners Management Co agreed to band
together to talk with Sprint, Dish Network Corp and
other interested parties, according to a document filed with the
U.S. Securities and Exchange Commission on Friday.
The shareholder group, which owns 127.4 million Clearwire
shares or roughly 17 percent of its minority shares, said they
were unanimous in their belief that Sprint's December offer to
buy Clearwire for $2.97 per share was too low.
Clearwire, Sprint and Dish declined to comment. SoftBank
Corp, which is trying to buy Sprint, had said earlier
this week that Sprint could be content to continue with its
majority ownership if shareholders voted down the deal.
Many shareholders had said they were not happy with the
Sprint agreement, especially after satellite TV provider Dish
announced a $3.30 per share counter offer for Clearwire in
January and then made a bid for all of Sprint itself in April.
Since then, Verizon Communications Inc said it
offered to buy spectrum from Clearwire after the smaller company
announced in a regulatory filing that it had received a bid for
$1 billion to $1.5 billion worth of spectrum.
The deal would need approval from more than half of the
minority shareholders at a May 21 meeting where Clearwire
shareholders are set to vote on the December agreement with
Sprint, which already owns more than 50 percent of Clearwire.
Along with the group, which said it had agreed on May 1 to
join forces, another activist investor, Crest Financial, with
57.65 million shares or 8 percent of the minority shares, has
said it is not happy with the Sprint offer. Crest has been
asking shareholders for support in its proxy battle against the
When it announced the deal in December Sprint said that
strategic shareholders in Clearwire with roughly 26 percent of
the minority votes said they would support its offer. These
shareholders include Comcast Corp and Intel Corp
Clearwire shares closed up 3 percent at $3.38 on Nasdaq
after the news.