NEW YORK, May 22 (Reuters) – Clearwire Corp
appeared to be on the brink of another fight with its
shareholders on Wednesday as the wireless service provider
approved Sprint Nextel Corp’s sweetened buyout offer while
minority shareholders said the bid was too stingy.
Clearwire announced its decision to support majority
shareholder Sprint a day after Sprint raised its offer for the
almost 50 percent of the company it does not already own to
$3.40 per share from $2.97 per share.
By Sinead Carew
(Reuters) – Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz) raised its buyout offer for wireless service provider Clearwire Corp (CLWR.O: Quote, Profile, Research, Stock Buzz) to $3.40 per share, though some investors and analysts said the new bid was still not enough to overcome staunch opposition.
Clearwire shares almost immediately traded at the new offer price, having consistently traded well above the old $2.97-per-share bid. As recently as last week, analysts and investors said the deal was unlikely to be approved unless Sprint raised its bid substantially.
NEW YORK (Reuters) – Minority shareholders of Clearwire Corp (CLWR.O: Quote, Profile, Research, Stock Buzz) are expected to vote down a buyout offer from Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz) next week and force the No.3 U.S. wireless company to cough up more cash for control of Clearwire’s valuable spectrum.
Sprint owns more than 50 percent of Clearwire and has offered to buy the remaining roughly 49 percent at $2.97 per share, or $2.2 billion. For the deal to succeed, it needs approval from more than half of minority shareholders at a special meeting on May 21.
NEW YORK (Reuters) – Network equipment maker Cisco Systems Inc posted a higher than expected quarterly profit and said current quarter revenue could increase, giving some relief to investors who had worried it was being hurt by weak technology spending.
Cisco shares rose about 8 percent after Chief Executive John Chambers said the company was seeing some good signs in the U.S. and that other parts of the world are “encouraging.”
May 13 (Reuters) – Verizon Wireless, the biggest U.S. mobile
service provider, said on Monday it would pay its parents
Verizon Communications and Vodafone Group Plc a
dividend of $7 billion in June, surprising some analysts who had
not expected a big payout.
The dividend comes amid mounting speculation Verizon could
buy Vodafone’s stake in the venture if they can agree on a
price. Reuters reported on April 24 that Verizon was preparing a
$100 billion bid for the stake but investors have said they
expect Vodafone to seek a higher price.
By Sinead Carew
(Reuters) – The biggest U.S. proxy advisory firms on Friday issued conflicting opinions on Sprint Nextel Corp’s (S.N: Quote, Profile, Research, Stock Buzz) proposed takeover of Clearwire Corp (CLWR.O: Quote, Profile, Research, Stock Buzz), with ISS advising Clearwire shareholders to vote in favor of the deal and Glass Lewis urging them to vote against it.
ISS, the biggest U.S. proxy advisory firm, said Clearwire lacked any better options to keep the wireless service provider afloat.
(Reuters) – Acquiring Sprint Nextel is so important to Dish Network Corp founder and Chairman Charlie Ergen that he said on Thursday he may have to put the satellite TV company up for sale unless it prevails in its bidding war for Sprint with Japan’s SoftBank Corp.
Ergen also proposed a number of other possible outcomes on Dish’s quarterly conference call. He said he could take on a bidding partner or sell some non-core Dish assets to pay down debt if a bidding war with SoftBank becomes too pricey.
TOKYO/NEW YORK (Reuters) – SoftBank Corp President Masayoshi Son may get a frosty reception when he comes to the United States this week to meet Sprint Nextel Corp’s major shareholders, as he tries to drum up support for the Japanese company’s proposed takeover of the No. 3 U.S. wireless service provider.
SoftBank’s billionaire founder, who proposed a $20 billion deal for a 70 percent stake in the U.S. wireless carrier, said on Tuesday that he would discuss the deal with shareholders in a bid to fight off rival Dish Network, a U.S. satellite TV provider, which offered Sprint a $25.5 billion bid.