Unhappiness over Sprint’s Bid
Sprint, which is number three U. S. service provider, is looking for ways to woo the partners but the task seems very difficult. Investors that hold 29% share in Clearwire Corp are not happy with the Sprint's bid.
Sprint holds 50% shares in the company. For the bid to take place, it requires approval from more than 50% shareholders. Investors, who have 29% of shares, 211 million, are not satisfied with the bid. If Sprint wishes to make this bid possible, then it requires approval of more than 362 million which seems to very tough right now.
Billionaire Charlie Ergen of Dish Network, made an offer of a $3.30 per share. This has created more pressure on Sprint to increase the bid. This deal has made it clear to the minority shareholders that a lot of discontent occurs because of the present bid of Sprint.
Mount Kellett, an investment firm with about 7.3% of Clearwire's minority shares said that with Dish's offer, it has been proved that the Sprint's bid is very less. Kellett said that Sprint's bid shall be voted down. Some minority investors have called Dish offer as the turning point of the bidding process.