Clearwire (NASDAQ:CLWR) shareholders approved majority owner Sprint's (NYSE:S) purchase of the remaining 49 percent of the company that it doesn't already own. The vote puts to rest the bidding war for Clearwire between Sprint and rival Dish Network (NASDAQ: DISH).
Clearwire said shareholders owning 82 percent of the company's minority shares voted in favor of the deal. In addition, holders of 95 percent of outstanding shares of common stock, including 50.2 percent of shares already held by Sprint, also voted for the deal.
Sprint is paying $5 per share for the remainder of Clearwire. The company had to raise its offer price three times to fight off bids from Dish. Clearwire said Sprint expects the deal to close July 9.
On July 5, the FCC unanimously approved Sprint's acquisition of Clearwire and SoftBank's $21.6 billion investment in Sprint, completing the Commission's review of the transactions. Sprint's shareholders approved the SoftBank deal June 25. SoftBank said it expects the acquisition to close July 10.
For more:
- see this Reuters article
- see this press release
- see this Bloomberg article
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