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Thursday, December 13, 2012

Sprint offers $2.1 billion to purchase rest of Clearwire, (NYSE: S)

Sprint Nextel Corp is offering $2.1 billion to purchase the rest of wireless internet provider Clearwire, to get full ownership of its wireless spectrum.The bid, at $2.90 a share for the 48.3 percent of Clearwire that Sprint Nextel does not already own, values Clearwire at around $4.2 billion.The proposed offer price represents a 5 percent premium to Clearwire' closing stock price on Wednesday, but is 20 percent higher than the closing price on December 10, the day before news of a possible bid leaked.The offer needs the approval of Japanese mobile company Softbank Corp and is contingent on the planned sale of 70 percent of Sprint to Softbank, Sprint said in the regulatory filing. ()

Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S remained unchanged at $5.66. In the past year, the shares have traded as low as $2.10 and as high as $6.04. On average, 66232900 shares of S exchange hands on a given day and today's volume is recorded at 14780.