Crest Financial increased its stake in Clearwire from 45.8 million shares to 57.65 million, giving it a stake of approximately 3.9%, according to Reuters.
Sprint requires the support of around 24.8% of Clearwire’s minority shareholders for the deal to go ahead and already has support from around 13% so far.
Shareholders had previously complained that Sprint’s offer of $2.97 per share undervalued the company but analysts believe the deal is still very likely to go ahead.
Sprint and Clearwire yesterday set a no-shop clause and breakup fee for the $2.2 billion deal.
Sprint has promised to pay Clearwire $120 million if the acquisition of the remaining 49% stake in the company it does not own falls through, if Clearwire terminates the agreement or if the deal has not been consummated on or before October 15 2013.
At the same time, Clearwire said it had agreed to a no-shop clause preventing it from seeking other offers but allowing it to consider unsolicited offers.
Clearwire CEO, Erik Prusch, has said that the Sprint offer is the best option and Clearwire could risk bankruptcy if the deal is not approved, according to Reuters.
