Ina Fried

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Clearwire Shareholder Files Proxy Opposing Sprint Deal

A top Clearwire shareholder is following through on its promise to wage a proxy fight against Sprint’s planned takeover of the firm.


Crest Financial — Clearwire’s largest minority shareholder — last month hired proxy solicitation firm D.F. King to help in its opposition to the deal. Crest has also sued Clearwire and its board in Delaware, arguing they have breached their fiduciary duties, and asked the Federal Communications Commission to block the deal.

“The filing of Crest’s proxy statement is the next step in our ongoing effort to block Sprint’s unfair merger offer and we are optimistic that we can do so,” Crest General Counsel David Schumacher said in a statement. “We look forward to the SEC clearing our preliminary proxy statement so that we can begin educating Clearwire shareholders in earnest about the disadvantages of the Sprint offer and the alternative future for Clearwire and its valuable trove of wireless spectrum.”

According to Crest, Sprint’s $2.97-per-share offer significantly underestimates the value of Clearwire’s wireless spectrum and other assets.

“Crest is of the opinion that it would be better for Clearwire to remain a stand-alone company, while examining opportunities to consummate alternative transactions, rather than accept the merger consideration of $2.97 in cash per share being offered to Clearwire stockholders in the Proposed Sprint-Clearwire Merger,” it said in the proxy statement.

The full preliminary proxy statement is posted on D.F. King’s website.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work