Notable Mergers and Acquisitions of the Day 5/7 (CLWR/S, SKYW/XJT, SGY/BDE)

May 7, 2008 9:32 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Clearwire (NASDAQ: CLWR) and Sprint Nextel (NYSE: S) confirmed reports that they have entered into a definitive agreement to combine their next-generation wireless broadband businesses to form a new wireless communications company.
  
  The new company, which will be named Clearwire, will be focused on expediting the deployment of the first nationwide mobile WiMAX network to provide a true mobile broadband experience for consumers, small businesses, medium and large enterprises, public safety organizations and educational institutions.
  
  Upon completion of the proposed transaction, Sprint will own the largest stake in the new company with approximately 51 percent equity ownership on a fully diluted basis assuming an investment price of $20.00 per share. The existing Clearwire shareholders will own approximately 27 percent and the new strategic investors, as a group, will be acquiring approximately 22 percent for their investment of $3.2 billion, both on a fully diluted basis assuming an investment price of $20.00 per share.
  
  
• SkyWest (Nasdaq: SKYW) has issued a press release confirming that it had made a proposal to acquire all of the outstanding shares of common stock of ExpressJet Holdings, Inc. (NYSE: XJT) for $3.50 per share in cash. ExpressJet also announced on the same day that it had rejected SkyWest's offer as outlined and indicated that it would start a process of exploring options or alternatives, including entertaining additional discussions with SkyWest. At this point, SkyWest intends to review its alternatives with respect to its proposal to acquire ExpressJet, which could include, among other things, altering or withdrawing its proposal.
  
  
• Stone Energy (NYSE: SGY) and its wholly owned subsidiary Stone Energy Offshore, L.L.C. entered into an Agreement and Plan of Merger with Bois d'Arc Energy, Inc. (NYSE: BDE), pursuant to which Stone agreed to acquire all of the outstanding shares of Bois d'Arc common stock. Pursuant to the merger, each outstanding share of Bois d'Arc common stock will be converted into the right to receive 0.165 shares of Stone common stock and $13.65 in cash.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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