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Wednesday, January 16, 2013

Mount Kellett urges Clearwire to push for better deal, (NASDAQ: DISH)

Clearwire Corp shareholder Mount Kellett complained that Sprint Nextel Corp's offer to purchase out the company was "grossly inadequate" and said Clearwire's special committee had breached its fiduciary duties in accepting the offer.Mount Kellett, a holder of roughly 7.3 percent of Clearwire shares, also said in an open letter to Clearwire on Wednesday that Sprint's Dec. 17 bid to buy Clearwire for $2.2 billion, or $2.97 per share, would likely be voted down.Sprint, which already owns just over 50 percent of Clearwire shares, needs approval from a majority of Clearwire's minority shareholders for the proposed buy-out to succeed. The deal has also been publicly rejected by another shareholder Crest Financial, which holds roughly 8.34 percent of Clearwire shares.Mount Kellett, an activist investment firm, urged Clearwire's special committee to negotiate for improvements in an offer Dish Network Corp announced on Jan. 8 to buy Clearwire for $2.3 billion, or $3.30 per share, and said the Dish offer "provided further evidence" the committee had failed in its duty to shareholders.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.78% or $0.29/share to $37.35. In the past year, the shares have traded as low as $26.12 and as high as $37.92. On average, 3295070 shares of DISH exchange hands on a given day and today's volume is recorded at 2012546.