Sprint’s Clearwire Bid Gets Mixed Reviews

Proxy-advisory firms offered differing views of Sprint Nextel Corp.’s contested bid to take over Clearwire Corp., raising the uncertainty around the May 21 shareholder vote on the deal.

Sprint agreed to buy the half of Clearwire it doesn’t already own for $2.2 billion, or $2.97 a share, but that offer has been opposed by numerous shareholders. Influential adviser Institutional Shareholder Services Inc. is backing Sprint’s bid, saying it falls within “an appropriate valuation range,” while adviser Glass Lewis & Co. holds the opposite view and contends that Sprint didn’t make a strong enough case for its offer.

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