Google (GOOG) to Exit Clearwire (CLWR) Stake; Plans to Sell at $1.60/Share
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Clearwire (Nasdaq: CLWR) shares are seeing some upside Friday morning following an amended 13D with the SEC filed by Sprint (NYSE: S) which shows Google (Nasdaq: GOOG) planning to sell its stake to Sprint.
From the filing.
Google (Nasdaq: GOOG) periodically rebalances its investments based on its goals and its evaluation of market conditions. Google plans to sell the 29,411,765 shares of Class A Common Stock of Clearwire (Nasdaq: CLWR) it holds (a) to the other Reporting Persons and/or the Intel Entities, Intel Capital, Intel Cayman, and Middlefield pursuant to Section 3.3 of the Equityholders’ Agreement or (b) if the Reporting Persons or the Intel Entities, Intel Capital, Intel Cayman, and Middlefield do not elect to purchase all of such shares within the specified time period, in one or more public open market transactions on the NASDAQ Stock Market. To the extent that such sales are conducted by means of one or more public open market transactions, such sales will be made beginning on or about February 27, 2012, in such amounts and over such time period as determined by Google and in compliance with all applicable securities laws.
Google plans to sell the shares at $1.60 each, which is 30 percent lower than Clearwire's trading price of $2.27.
Sprint, notably, is lower Friday morning, while Google and Clearwire are indicated higher.
From the filing.
Google (Nasdaq: GOOG) periodically rebalances its investments based on its goals and its evaluation of market conditions. Google plans to sell the 29,411,765 shares of Class A Common Stock of Clearwire (Nasdaq: CLWR) it holds (a) to the other Reporting Persons and/or the Intel Entities, Intel Capital, Intel Cayman, and Middlefield pursuant to Section 3.3 of the Equityholders’ Agreement or (b) if the Reporting Persons or the Intel Entities, Intel Capital, Intel Cayman, and Middlefield do not elect to purchase all of such shares within the specified time period, in one or more public open market transactions on the NASDAQ Stock Market. To the extent that such sales are conducted by means of one or more public open market transactions, such sales will be made beginning on or about February 27, 2012, in such amounts and over such time period as determined by Google and in compliance with all applicable securities laws.
Google plans to sell the shares at $1.60 each, which is 30 percent lower than Clearwire's trading price of $2.27.
Sprint, notably, is lower Friday morning, while Google and Clearwire are indicated higher.
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