Clearwire shareholder Crest files proxy statement

11 April 2013 | Mitch Sayers


Clearwire shareholder Crest Financial has filed a proxy statement urging fellow shareholders to reject the Sprint merger.

Crest, the carrier’s largest minority shareholder, filed the statement with the US regulators, which, if cleared, will be used to persuade Clearwire shareholders to vote against the merger.

Crest shareholders are said to be unhappy with Sprint’s offer of $2.97 per share with another interested party, Dish Networks, offering $3.30 per share.

"A vote 'against' each of the Clearwire Special Meeting Proposals would send a firm message to the Clearwire Board and Sprint that Clearwire must pursue a business strategy that creates value for all Clearwire stockholders – not just Sprint," the statement said.

David Schumacher, Crest’s chief lawyer, added they were “optimistic that we can do so”.

The investor group countered Sprint’s debt financing offer with a $240 million debt financing package.