Sprint announced this morning through a regulatory filing that its board had authorized management to engage Clearwire in merger discussions where Sprint would acquire the 49% of Clearwire it does not already own for $2.90 per share in cash, or approximately $2.1 billion in aggregate.
The proposed transaction is intended to qualify as a “Qualifying Purchase” under Clearwire Corporation (NASDAQ:CLWR)'s Equityholders’ Agreement. As such, it will need approval of a majority of the directors on Clearwire Corporation (NASDAQ:CLWR)'s board (excluding Sprint’s nominees) and by a majority of the voting shareholders (excluding Sprint's holdings).
Sprint expects any definitive merger agreement would contain language stating that the proposed Softbank Corp (TYO:9984) deal...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
