Amid Richer Bid, Large Shareholder Group Opposes New Clearwire (CLWR) Deal

Clearwire (Nasdaq: CLWR) has been all the talk this week following an enhanced takeover bid from Sprint (NYSE: S). But, not everyone is convinced that the best deal is currently on the table.

Investors holding a cumulative 127.4 million shares have opposed the sweetened $3.40 per share submission. The group includes firms Chesapeake Partners, Mount Kellett Capital, Highside Capital, and Glenview Capital.

Sprint originally agreed to purchase all Clearwire shares it doesn't own last December for $2.97 each. In January, DISH Networks (Nasdaq: DISH) overpowered that bid with a submission to acquire Clearwire for $3.30 per share.

Clearwire's board has supported the Sprint bid and Sprint, which is planning to sell a 70 percent stake in itself to Japan's SoftBank, still expects to close the deal by July 1st.

Shares of Clearwire and Sprint are indicated lower Thursday.

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