Clearwire today issued a proxy statement that discusses its current state of mind with respect to the proposed acquisition offers from both Sprint and Dish Networks. Clearwire explains that in addition to paying $2.97 per share for the remaining portion of Clearwire it does not own, Sprint also committed to provide Clearwire with $800 million in ongoing financing.
The financing was to be made available for 10 months, with Clearwire withdrawing $80 million per month beginning in February. Dish said that it would withdraw its offer to purchase Clearwire if Clearwire took advantage of Sprint’s financing offer. Clearwire announced that it did not take the first month of financing.
However, Clearwire also said that, after months of reviewing multiple options, it still believes accepting Sprint’s offer is the best option. “The Special Committee has not made any determination to change its recommendation of the current Sprint transaction,” the company said. Sprint issued a follow-up statement saying, “Clearwire’s proxy makes very clear that Sprint’s definitive agreement to acquire Clearwire provides both the best value for shareholders and stability amid an uncertain future.” Clearwire said that it will continue to hold discussions with both Sprint and Dish as necessary.
