Northern, WI 04/05/2013 (usastockreport) – Crest Financial Ltd, an investor in Clearwire Corporation (NASDAQ:CLWR) (Current: $3.33, Up by 1.52%) has offered the company financing to the tune of $240 million. It wants to rule out the possibility of the company leaning towards Sprint Nextel Corporation (NYSE:S) (Current: $6.21, Up by 0.81%) who is a potential acquirer. The statement that was announced today is a convertible debt offer and has come at a time when Sprint has provided Clearwire with financing worth $80 million for a second consecutive month. Sprint is already a majority owner of the Washington-based company and is convertible to Clearwire stock for $1.50 per share.
Big offer from small investor
Crest who is a minority shareholder in the company has opposed the Sprint acquisition at $2.97 per share. In a strategic move, Crest said that it will be supporting the DISH Network Corp (NASDAQ:DISH) (Current: $36.99, Up by 0.87%) competing bid to purchase the Clearwire shares at $3.30 per share. The Crest convertible share terms are more conducive than the ones that Sprint has put forward. They will go a long way in helping Clearwire look for alternatives to the highly inadequate merger offer that Sprint has put forth. The Crest proposed notes can be converted at $2 per share into Clearwire stock.
A Clearwire spokesperson Mike DiGioia said that they have received the Crest Financial proposal and the board’s special committee will be reviewing the offer and decide upon a plan of action. The Clearwire service is a wireless one that operates via modems. The continuous internet signal is transmitted via wireless towers that provide an uninterrupted signal.