OVERLAND PARK (dpa-AFX) - Crest Financial Limited, the largest of the independent minority stockholders of Clearwire Corp. (CLWR), urged Clearwire's 'true minority stockholders' to oppose Sprint Nextel Corp.'s (S) new offer and preserve rights to seek Fair Treatment in Court. Crest Financial is urging them to reject Sprint's new offer and preserve rights to seek an appraisal under Delaware law.
In a letter to stockholders, David Schumacher, Crest's General Counsel, said, 'We true minority stockholders can reject the current Sprint offer, and the Clearwire Board can allow competitive bidding for Clearwire to begin.'
On May 22, Clearwire said that its board has recommended stockholders to vote in favor of a sweetened takeover bid from the company's majority shareholder Sprint Nextel at a special meeting of stockholders scheduled to be held on May 31.
On May 21, telecom services provider Sprint sweetened its offer by 14 percent to acquire the remaining 49.2 percent stake in Clearwire that it currently does not own. The revised offer stands at $3.40 per share, compared to Sprint's earlier offer of $2.97 per share made in December 2012, and values Clearwire at $10.7 billion.
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