Shareholder Says Clearwire Spectrum Worth Two to Three Times What Sprint Is Offering
A significant Clearwire shareholder says its research shows that the company’s spectrum is worth two to three times what Sprint is offering in its takeover bid.
Crest Financial, which owns 8 percent of Clearwire’s Class A shares, says a study it commissioned from Information Age Economics confirms its position that Sprint’s offer of $2.97 per share undervalues the company.
Crest also argues in a regulatory filing with the Federal Communications Commission that the proposed deal runs contrary to the public interest, given the shortage of available spectrum.
“The merger would contradict the FCC’s stated mission to maximize spectrum availability for public consumption,” Crest said. “What’s more, it would place the country’s largest remaining spectrum portfolio in hands least equipped, by past example, to serve the best interests of the United States and its wireless consumers.”
In addition to its petitions to the FCC, Crest has sued to block the deal from going forward. Dish Network has made a rival bid for Clearwire, and asked regulators to hold off on their review of Sprint’s bid.