Clearwire today mailed a letter to stockholders regarding its proposed transaction with Sprint Nextel Corporation ("Sprint"). The letter describes the proposed transaction with Sprint as providing the best strategic alternative for Clearwire's minority stockholders, representing fair, attractive and certain value. Here's a part of the letter:
"On May 21, 2013, Clearwire will hold a Special Meeting of Stockholders to vote on the proposed Sprint transaction. Clearwire stockholders of record as of the close of business on April 2, 2013, are entitled to vote at the Special Meeting.
Proposed transaction with Sprint provides the best strategic alternative for Clearwire's minority stockholders and represents fair, attractive and certain value.
Clearwire's board of directors has always been committed to considering strategic options and pursuing those that maximize stockholder value. A Special Committee conducted a careful and rigorous review of all options available to Clearwire, with the assistance of independent financial and legal advisors. On the unanimous recommendation of the Special Committee, the Clearwire board has unanimously concluded that the proposed transaction with Sprint is the best strategic alternative for stockholders, representing fair, attractive and certain value, especially in light of the Company's limited alternatives and the well-known constraints of its liquidity position.
The proposed $2.97 per share offer price equates to a total payment to Clearwire minority stockholders of approximately $2.2 billion. This transaction represents a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion."
