Crest offers Clearwire USD240m financing in attempt to derail Sprint deal

5 Apr 2013

Crest Financial, a minority shareholder in US WiMAX giant Clearwire, has proposed that the telco’s board accept its offer of USD240 million in financing as opposed to continuing to receive USD80 million monthly payments from Sprint Nextel, as part of Sprint’s USD2.97-per-share offer to buy the 50% of Clearwire that it does not already own. Crest’s offer comes less than a week after Clearwire took its second monthly payment from Sprint. According to Fierce Wireless, Crest is the largest Clearwire shareholder not allied with Sprint, with a 3.9% stake; Crest supports DISH Network’s conditional USD3.30-per-share counterbid, and maintains that Sprint’s offer undervalues Clearwire.

United States, Clearwire, Sprint Corporation (now part of T-Mobile US)