Clearwire Shareholders Vote For Sprint Takeover

by
Reuters
Shareholders in Clearwire Corp (CLWR.O) voted on Monday to approve majority owner Sprint Nextel Corp's (S.N) buyout of the rest of the company, finally ending a massive battle for control of the small U.S. wireless operator.

Clearwire Shareholders Vote For Sprint Takeover

Shareholders in Clearwire Corp (CLWR.O) voted on Monday to approve majority owner Sprint Nextel Corp's (S.N) buyout of the rest of the company, finally ending a massive battle for control of the small U.S. wireless operator.

Clearwire said shareholders with more than 75 percent of shares entitled to vote were in favor of Sprint's offer to buy the roughly 49 percent of Clearwire it does not already own for $5 per share.

Sprint, which is itself being bought by Japan's SoftBank Corp (9984.T), needed approval from a majority of the minority shares. It had to raise its offer price three times to placate shareholders and fight off rival bids from satellite TV provider Dish Network Corp (DISH.O).