Northern, WI 05/06/2013 (usastockreport) – Mount Kellett Capital Management LP said that it has built an alliance with the other investors of Clearwire Corporation (NASDAQ:CLWR) (Closed: $3.38, Up by 3.05%) to persuade Sprint Nextel Corporation (NYSE:S) (Closed: $7.15, Up by 0.70%) to put forth a more lucrative takeover bid for the wireless internet company that has been struggling to survive. In a filing the group that has partners such as Highside Capital Management LP, Chesapeake Partners Management Co, Glenview Capital Management LLC including others holds an 18.2 percent publicly traded shares stake in Clearwire. The group is seeking to coax Sprint into increasing it current bid of $2.97 per share.
In the filing the group said that the bid was way to low. The group had been formed in May by the shareholders. The objective was to engage in various discussions with interested and concerned parties to see how shareholder value can be maximized. The investor group will also be pursuing discussions with a few other interested parties including DISH Network Corp (NASDAQ:DISH) (Closed: $39.68, Up by 1.02%). Dish has put forth a competing bid of $3.30 per share for Clearwire. The Bellevue, Washington-based Clearwire said that it will require a minimum financing of $1.7 billion to cover its operations right through to 2014.
A special shareholder meeting has been scheduled on May 21 by the company, to vote in the Sprint offer. A spokesperson for Sprint, Scott Sloat as well as a Clearwire spokesperson, Mike DiGioia both declined commenting in the matter. The Sprint stake in Clearwire is a little over 50 percent and is largely held through a special class of shares that are not traded publicly.