The merger agreement was first announced on December 17, 2012 and Clearwire
shareholders approved the transaction at a special meeting of stockholders held on July 8, 2013.
Crest, which owns 8% of Clearwire
, has earlier opposed Sprint's previous offers for the remaining 50% in the target as undervaluing.
holds the deepest portfolio of wireless spectrum available for data services in the United States.
Verizon's offer further complicates a three-way series of deals in which Clearwire
had agreed to sell itself to part owner Sprint Nextel Corp.
actually has a WIMAX network that has been built, albeit it will be superseded by LTE which was not available when it was constructed.
also stands to bring in additional funds from Sprint Nextel, its majority owner and main wholesale partner.
will break down the barriers of traditional broadband service, offering consumers high-speed Internet without wires," added Bill Snoeberger, vice president of small markets for Clearwire
After a rigorous and extensive two-year process, Clearwire
pursued numerous strategic opportunities, including discussing the sale of spectrum with no fewer than 10 parties and a series of ongoing conversations with DISH that date back to 2010.
40 per share in cash offer for the remaining 50% in Clearwire
it did not already own to USD5.
Sprint's deal for Clearwire
hinges upon regulatory clearance, approval from Clearwire
's stockholders, including the approval of a majority of Clearwire
stockholders not affiliated with Sprint or SoftBank, among other conditions.
noted that the revised offer from Sprint provides attractive and certain value to unaffiliated stockholders.
5 billion public offering, which could help fund Clearwire