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BELLEVUE, Wash., June 24, 2013 (GLOBE NEWSWIRE) --
Clearwire Corporation (NASDAQ:CLWR) ("Clearwire" or the "Company") today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, in light of Sprint's revised offer to acquire the approximately 50 percent stake in Clearwire it does not currently own for $5.00 per share, has recommended that Clearwire stockholders vote FOR the proposed merger with Sprint.
In its updated report issued on June 21, 2013, ISS stated: "Given the cash consideration being offered by Sprint is higher than the tender offer from DISH, and therefore the best alternative currently available to maximize value, shareholders should vote FOR the proposed merger with Sprint."
"We are pleased that ISS agrees that Sprint's increased offer to acquire all of the outstanding shares of Clearwire represents the best value to our stockholders," said Erik Prusch, President and CEO of Clearwire. "This offer has been unanimously recommended by the Special Committee of Clearwire's Board of Directors, which consists of independent, non-Sprint-affiliated directors, and the Board urges Clearwire stockholders to vote 'FOR' the transaction."
As previously disclosed, Sprint has received commitments from a group of significant Clearwire stockholders, including Mount Kellett Capital Management LP, Glenview Capital Management LLC, Chesapeake Partners Management Co., Inc. and Highside Capital Management LP, which collectively own approximately 9 percent of Clearwire's voting shares, to vote their shares in support of the transaction. These stockholders have also agreed to sell their shares to Sprint in the event the transaction does not close.
Together with the voting commitments previously received from Comcast Corp., Intel Corp and Bright House Networks LLC, who collectively own approximately 13 percent of Clearwire's voting shares, and Clearwire's directors and officers, stockholders owning approximately 45 percent of the Clearwire voting shares not affiliated with Sprint have now agreed to vote their shares in support of the transaction.