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Crest Disapproves Sprint's Increased Clearwire Bid

May 28, 2013, 8:48 AM by Eric M. Zeman

Crest Financial today vowed to continue its fight for a better deal from Sprint for Clearwire. Crest has opposed Sprint's attempt to acquire the 49.5% of Clearwire it does not already own from the start. Last week, Sprint improved its offer from $2.97 per share to $3.40 per share, increasing the total amount by about $500 million. Despite this increase, Crest believes Sprint is still undervaluing Clearwire's worth. "Crest encourages Clearwire's minority stockholders to oppose the merger and to act now to protect their rights to pursue fair treatment through all available avenues, including an appraisal proceeding," said David K. Schumacher, Crest's General Counsel, in a letter to Clearwire investors. Crest believes Clearwire stockholders should seek "judicial relief" from Sprint's attempt to take over the company. Separately, Clearwire sent its own letter to investors today recommending that they vote in favor of the deal. Sprint's proposal "is quite simply the best strategic option for all stockholders," said Clearwire's board of directors. "Sprint has stated that this represents its best and final offer." The vote is scheduled for next month.

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bobc74

May 28, 2013, 6:33 PM

This is getting out of hand!

What is Crest's plan? Sprint has already committed to moving out of the WiMax business. If the Sprint-Clearwire deal doesn't happen, Clearwire will be out of business by the end of 2014. I hope Crest is prepared to answer to the rest of Clearwire's shareholders if/when that happens.

timvideo

Crest will probably take a 25% buyout from Dish, which we all know Dish has no funds to make investments and will be riding the Sprint Softbank upgrades to spectrum!

Slammer

May 28, 2013, 9:10 AM

What's More Dangerous?

Our enemy or our general giving us the wrong orders?

Crest should take note of the declining marketshare and then decide what is undervalued before cutting their own throats.

John B.

KOL4420

Its funny, they seriously think an appraisal is necessary for their crappy spectrum hahahaha. Oh man this is comical. I totally agree with you on them just taking the check and running greedy individuals.

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T Bone

It actually reminds me of 2008 when Microsoft made an unsolicited bid to buy Yahoo! for $42 billion, which would have meant that they were paying more than the company was worth....and Yahoo!, rather arrogantly, responded that it wasn't enough. Micro...
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