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TheStreet Open House

Clearwire Minority Shareholders Overwhelmingly Approve Merger Transaction With Sprint

Stocks in this article: CLWR

BELLEVUE, Wash., July 8, 2013 (GLOBE NEWSWIRE) -- Clearwire Corporation (NASDAQ: CLWR) ("Clearwire" or "The Company") has announced the results of its Special Meeting of Stockholders held today. The Company reported that the required majority of Clearwire stockholders not affiliated with Sprint or SoftBank and more than 75 percent of the outstanding shares entitled to vote thereon voted in favor of the merger agreement proposal to acquire all shares of Clearwire which Sprint does not currently own for $5.00 per share. In total, at the Special Meeting, the holders of approximately 82 percent of the unaffiliated outstanding shares of common stock, as of April 2, 2013, the record date for the Special Meeting, cast votes in favor of the transaction. Also, the holders of approximately 95 percent of the outstanding shares of common stock as of April 2, 2013, including the approximately 50.2 percent of shares already held by Sprint, cast votes in favor of the transaction.

"We are pleased that our stockholders recognize the value and merits of our merger with Sprint," said Erik Prusch, President and CEO of Clearwire. "The Clearwire team is looking forward to working closely with our counterparts at Sprint to realize the potential of our assets inherent in this combination as we integrate our two companies.

"In addition, I would like to offer my sincere thanks and appreciation to the entire team at Clearwire. Their hard work, dedication and relentless focus on our business were instrumental in successfully accomplishing all that we did as a company. I am extremely proud of this group of people, and see today's result as a culmination of the value they have delivered to our investors."

Stockholders today also voted to approve all of the additional proposals, including the NASDAQ Authorization proposal, the Charter Amendment proposal, and a non-binding proposal regarding certain merger-related executive compensation arrangements. 

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