Sprint responds to Clearwire's proposed transaction with DISH
Jan 09, 2013 (M2 EQUITYBITES via COMTEX) --
Sprint Nextel (NYSE:S), a range of wireless and wireline communications services, on Tuesday issued a statement in response to Clearwire's announcement that a special committee of Clearwire's board of directors is considering a proposed transaction from DISH.
Sprint, in its statement, said that it believes its agreement to acquire Clearwire - which offers Clearwire shareholders certain and attractive value - is superior to the highly conditional DISH proposal.
The statement also claims that DISH's proposal includes a series of interdependent commercial agreements, debt and equity purchases and spectrum sales, which together with the other conditions required by DISH to complete the transaction, makes the proposal not viable. In addition, the DISH proposal would require Sprint to voluntarily waive rights that it holds as a stockholder of Clearwire and that it possesses through various vendor and customer contracts that significantly predate Sprint's proposed acquisition of the remainder of Clearwire.
Sprint said that it does not intend to waive any of its rights and looks forward to closing the transaction with Clearwire.
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