Clearwire Corp.’s board agreed to a sweetened, $2.97-a-share takeover bid from its wireless partner Sprint Nextel Corp., which is now offering $2.2 billion to acquire the portion of the company it doesn’t already own.
Clearwire Corp. investor Mount Kellett Capital Management LP said Sprint Nextel Corp.’s $2.90- a-share offer to buy out the wireless-network company “grossly” undervalues its assets, including its airwaves.
Sprint Nextel Corp. offered to acquire all of Clearwire Corp. in a $2.1 billion deal, ending a four-year joint venture that struggled to build a nationwide network capable of challenging Verizon Wireless and AT&T Inc.
Sprint Nextel Corp., the company that agreed to sell 70 percent of itself to Softbank Corp., plans to acquire telecom pioneer Craig McCaw’s stake in Clearwire Corp., gaining a majority of the wireless carrier.
Craig McCaw ’s quest to dominate the emerging era of fourth generation, or 4G, wireless networks began in a Maryland basement office back in 2003. There, McCaw’s representatives met with Rudy Geist, a lawyer with one client, a Spanish-language broadcaster that happened to be the largest licensee of the 2.5-gigahertz frequency of radio spectrum.
Phil Falcone, founder of Harbinger Capital Partners, has made and lost billions with bets on mortgages and iron mines. Now, in a bid to build a new broadband network, he’s blasting investors money into space.