Sprint undervalues Clearwire, says shareholder

14 December 2012 | Kavit Majithia


A Clearwire shareholder has hit out at Sprint for grossly undervaluing the spectrum-rich company.

Sprint’s bid of $2.90 bid per share to acquire the remaining 49% it does not already own in the company has been criticised today by shareholder Mount Kellett Capital Management.

“There is no rush for the company to sell itself at a deeply discounted price,” said the shareholder in an open letter to Clearwire.” Mount Kellett owns 53.2 million shares, account for 3.6% of Clearwire stock.

Sprint has said it will attempt to acquire the rest of the company for $2.1 billion, and its overall valuation has also drawn criticism from other shareholders.