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Crest Files Proxy Statement to Oppose Sprint Nextel Corporation-Clearwire Corporation Merger


Wednesday, 10 Apr 2013 08:10pm EDT 

Crest Financial Limited, the largest minority shareholder of Clearwire Corporation, filed a preliminary proxy statement that, when cleared by the Securities and Exchange Commission, will be used to urge Clearwire stockholders to reject the proposed merger with Sprint Nextel Corporation. In the preliminary proxy statement, Crest reiterates that it opposes the Sprint-Clearwire merger because it believes that "it would be better for Clearwire to remain a stand-alone company" because the Sprint offer of $2.97 in cash per share is inadequate – based on several measures – and was devised in a way that unfairly disadvantages minority stockholders. "A vote 'AGAINST' each of the Clearwire Special Meeting Proposals would send a firm message to the Clearwire Board and Sprint that Clearwire must pursue a business strategy that creates value for all Clearwire stockholders – not just Sprint," the preliminary proxy statement says. 

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