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Monday, December 17, 2012

Clearwire investors unlikely to get higher Sprint bid, (NYSE: S)

Clearwire Corp agreed to sell roughly half of the company for $2.2 billion to majority shareholder Sprint Nextel Corp, which would then have full ownership of spectrum that will help it offer high-speed wireless services.The $2.97-per-share deal is only 7 cents per share higher than a bid many minority shareholders said was too low days before. Clearwire shares tumbled 12.2 percent to $2.96 in morning trading on Monday.Sprint already owns slightly more than half of Clearwire. The company said owners of 13 percent of Clearwire shares - Comcast Corp, Intel Corp and Bright House Networks LLC - had agreed to vote for the deal.But it was not immediately clear whether Sprint, the No. 3 U.S. wireless carrier, could win the backing of a majority of Clearwire's minority shareholders, which it needs to take control.

Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S fell by 0.45% or $-0.025/share to $5.52. In the past year, the shares have traded as low as $2.10 and as high as $6.04. On average, 65806400 shares of S exchange hands on a given day and today's volume is recorded at 31596000.