Leading Proxy Advisory Firm ISS Recommends Clearwire Stockholders Vote 'FOR' Proposed Transaction With Sprint
BELLEVUE, Wash., May 10, 2013 (GLOBE NEWSWIRE) -- Clearwire (the "Company") today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, recommends that Clearwire stockholders vote 'FOR' the proposed transaction with Sprint. The Company also commented on Glass Lewis' recent report regarding the transaction.
Clearwire issued the following statement, "We are very pleased that ISS has recommended that stockholders vote FOR the proposed transaction with Sprint. This recommendation affirms the conclusion of a rigorous multi-year strategic review and reinforces the board's unanimous belief that this combination is the best strategic alternative for Clearwire's minority stockholders, delivering certain, fair and attractive value."
In its report dated May 10, 2013, recommending that stockholders vote FOR the merger, ISS stated the following: 1
- "The current [Sprint] offer falls within an appropriate valuation range as determined by evaluating independent analyst price targets, relative share price premia, and precedent transactions for similar spectrum.
- "Because the sales process appears to have been both extensive and well-known in the industry; CLWR's business is increasingly unviable on a stand-alone basis; the company requires interim financing from Sprint to fund operations and satisfy interest payments...a vote FOR the transaction is warranted."
|If you have any questions, require assistance with voting your WHITE proxy card, or need additional copies of the proxy materials, please contact: MacKenzie Partners, Inc. 105 Madison Avenue New York, NY 10016 email@example.com (212) 929-5500 (Call Collect) Or TOLL-FREE (800) 322-2885|
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