The biggest minority shareholder in Clearwire Corp, Crest Financial Ltd, has filed a proxy statement with federal regulators. The gist of this statement would be used to urge other shareholders of the wireless service provider that the deal with Sprint Nextel Corp should be declined.
In return, Crest Financial had offered Clearwire nearly US $240 million in debt financing as an option other than taking in the debt again under the Sprint Nextel deal.
According to David Schumacher, Crest general counsel on the filed proxy statement, "The filing of Crest's proxy statement is the next step in our ongoing effort to block Sprint's unfair merger offer and we are optimistic that we can do so."
Sprint had earlier offered to purchase Clearwire for the price tag of US $2.2 billion. For the year, Clearwire has already taken in US$160 million in debt financing from Sprint this year.
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