bucdenny Posted June 18, 2013 Author Share Posted June 18, 2013 Also today, Dish announced the end of their tender offer waiting period.. http://dish.client.shareholder.com/releasedetail.cfm?ReleaseID=771980 Whoa what does this mean? Dish all in for Sprint then? They have until tomorrow with a 30 Billion dollar offer. 1 Link to comment Share on other sites More sharing options...
PythonFanPA Posted June 18, 2013 Share Posted June 18, 2013 That's for the Clearwire tender offer, not Sprint. Link to comment Share on other sites More sharing options...
kvnjcby Posted June 18, 2013 Share Posted June 18, 2013 I highly recommend looking through Sprint's formal complaint. There are some seriously awesome quotes in there. "There is nothing at the end of Dish's rainbow" sticks out . Also, there's a lot of really interesting info in it that I don't think we knew before. 1 Link to comment Share on other sites More sharing options...
GW1973 Posted June 18, 2013 Share Posted June 18, 2013 Also today, Dish announced the end of their tender offer waiting period.. http://dish.client.shareholder.com/releasedetail.cfm?ReleaseID=771980 What does this mean? To me, it sounds like Dish is backing out of a losing battle. Sent from my SPH-L900 using Tapatalk 2 Link to comment Share on other sites More sharing options...
bucdenny Posted June 18, 2013 Author Share Posted June 18, 2013 I highly recommend looking through Sprint's formal complaint. There are some seriously awesome quotes in there. "There is nothing at the end of Dish's rainbow" sticks out . Also, there's a lot of really interesting info in it that I don't think we knew before. The fact that Clearwire has been in talks with Dish many times prior to Sprint merger agreement. How can the board recommend such an offer from Dish? Now that Clearwire is being sued, what can happen next? Link to comment Share on other sites More sharing options...
briank86 Posted June 18, 2013 Share Posted June 18, 2013 What does this mean? To me, it sounds like Dish is backing out of a losing battle. Sent from my SPH-L900 using Tapatalk 2 1 Link to comment Share on other sites More sharing options...
marioc21 Posted June 18, 2013 Share Posted June 18, 2013 What does this mean? To me, it sounds like Dish is backing out of a losing battle. Sent from my SPH-L900 using Tapatalk 2 Just did a quick search. The waiting period referenced is part of federal anti-trust law. The waiting period gives the justice department and the FTC time to decide if they want more information from the parties involved. This means the waiting period is over and Dish can continue on to the next stage with their proposed transaction. Link to comment Share on other sites More sharing options...
Boosted20V Posted June 18, 2013 Share Posted June 18, 2013 So Clearwire has been NOT taking financing from Sprint for 3 out the last 4 months and therefore is trying to cap how much equity Sprint can acquire. Link to comment Share on other sites More sharing options...
jonathanm1978 Posted June 18, 2013 Share Posted June 18, 2013 So Clearwire has been NOT taking financing from Sprint for 3 out the last 4 months and therefore is trying to cap how much equity Sprint can acquire. But according to that document, In its February 12, 2013 earnings press release, Clearwire announced that its total fourth quarter revenue dropped 14% and its fourth quarter cash plummeted by $315.1 million. Shows that they are a sinking ship, which backs exactly what Sprint is saying -- they are sinking fast and Dish only wants to swoop in and grab spectrum, leaving the company to flounder. Link to comment Share on other sites More sharing options...
bobbi Posted June 18, 2013 Share Posted June 18, 2013 So Clearwire has been NOT taking financing from Sprint for 3 out the last 4 months and therefore is trying to cap how much equity Sprint can acquire. Clearwire has previously announced it was drawing on the Sprint financing for March, April and May. I see nothing in the complaint that contradicts those announcements. Only that Clearwire did not draw on the Sprint financing for January, February or June. "34. However, DISH succeeded in furthering its scheme to undermine Clearwire’s financial state by making its unlawful proposal contingent upon Clearwire’s refusal to take any draws from the Interim Financing Agreement even though DISH knew that Clearwire needed those funds. As DISH hoped, the December 28 DISH Proposal induced Clearwire into declining to accept the January and February monthly installments offered by Sprint. Clearwire only accepted the March installment after releasing its abysmal financial results, which demonstrated that the company could not survive without this financing. In its February 12, 2013 earnings press release, Clearwire announced that its total fourth quarter revenue dropped 14% and its fourth quarter cash plummeted by $315.1 million." "49. DISH’s overtures induced the Clearwire Board to refuse the June 2013 draw under the Interim Financing Agreement, further damaging Clearwire’s precarious financial state." http://www.bloomberg.com/news/2013-04-29/clearwire-to-draw-80-million-from-sprint-ahead-of-merger-vote.html 1 Link to comment Share on other sites More sharing options...
cavendano Posted June 18, 2013 Share Posted June 18, 2013 I highly recommend looking through Sprint's formal complaint. There are some seriously awesome quotes in there. "There is nothing at the end of Dish's rainbow" sticks out . Also, there's a lot of really interesting info in it that I don't think we knew before. Took your recommendation. It was great! I wonder what Dish will try to pull out of its arse today... 2 Link to comment Share on other sites More sharing options...
MacinJosh Posted June 18, 2013 Share Posted June 18, 2013 Sprint sues Dish/Clearwire More Drama! http://www.businesswire.com/news/home/20130617006681/en/Sprint-Files-Lawsuit-DISH-Network-Corporation-Clearwire Damn, this is turning into some really good entertainment. No kidding. I guess it's time to start the popcorn and take this drama to the big screen! Sent from Josh's iPhone 5 using Tapatalk 2 Link to comment Share on other sites More sharing options...
bobbi Posted June 18, 2013 Share Posted June 18, 2013 DISH responds to suit http://dish.client.shareholder.com/releasedetail.cfm?ReleaseID=772179 The "failure to deal fairly" makes me laugh. Nothing DISH has done seems fair. Link to comment Share on other sites More sharing options...
cletus Posted June 18, 2013 Share Posted June 18, 2013 DISH responds to suit http://dish.client.shareholder.com/releasedetail.cfm?ReleaseID=772179 The "failure to deal fairly" makes me laugh. Haha oh wow. "exploit it's majority position.." also got a chuckle from me. What is the POINT of paying for a majority position if not for the extra privileges that go with it? Oh wait, Dish wants those privileges for a minority position that violates the Clearwire agreements, right. 3 Link to comment Share on other sites More sharing options...
JeffDTD Posted June 18, 2013 Share Posted June 18, 2013 To sum it up "sprint is being mean, our offer is 29% better, the details dont matter". But the details do matter. Sprint wouldnt have a legal objection to a tender offer that did not violate the terms of the clearwire charter. Dish chose to make those terms part of its offer anyway. Sprint knows that increasing its offer for clear will cause Dish to again crank up its offer and with each premium you increase the likelihood of the minority shareholders to comply with erroneous or illegal demands (per the charter) while using "fudiciary responsibility" as their excuse. Sprint is smart go ahead and litigate that crap now vs just furthering a bidding war. If dish wants avoid litigation, the ball is in their court to revise their offer in compliance with the charter. Shaming sprint publically is a childish and illusory attempt to divert attention from the basis of sprints argument. Sent from my Note II. Its so big. 6 Link to comment Share on other sites More sharing options...
bucdenny Posted June 19, 2013 Author Share Posted June 19, 2013 What will happen when Clearwire votes down Sprint next week and vote for Dish? Can that happen? Link to comment Share on other sites More sharing options...
khammondnm Posted June 19, 2013 Share Posted June 19, 2013 What will happen when Clearwire votes down Sprint next week and vote for Dish? Can that happen? Then comes court... Sent from my SPH-L900 using Tapatalk 4 Beta Link to comment Share on other sites More sharing options...
DaQue Posted June 19, 2013 Share Posted June 19, 2013 Anyone know or want to guess when a hearing or rulling will happen on Sprint's lawsuit against Dish and Clearwire will happen? Sent from my SPH-L900 using Tapatalk 4 Beta Link to comment Share on other sites More sharing options...
tommym65 Posted June 19, 2013 Share Posted June 19, 2013 Anyone know or want to guess when a hearing or rulling will happen on Sprint's lawsuit against Dish and Clearwire will happen? Sent from my SPH-L900 using Tapatalk 4 Beta Gonna guess that the judge will issue a temporary injunction halting any changes in ownership positions, any changes in the board of directors, and any changes in the corporate by-laws, until such time as he can fully evaluate and rule on the facts. This would put Dish's shenanigans on hold, and would be to Sprint's benefit. Link to comment Share on other sites More sharing options...
jonathanm1978 Posted June 19, 2013 Share Posted June 19, 2013 I would imagine this is building some angst among Sprint board members. Anyone wanna guess which way they'll vote? I'm going to put money on Softbank going through, since Sprint can see what they are in for if dish gets its grubby claws on them...I seriously have my doubts anyone would be in favour of dish+ Sprint after seeing this Clearwire debacle. (It spectacle, whatever term best fits) Sent from my SPH-L710 using Tapatalk 4 Beta Link to comment Share on other sites More sharing options...
bucdenny Posted June 20, 2013 Author Share Posted June 20, 2013 Sprint and Clearwire Agree to Increased Acquisition OfferIncreased Offer to $5.00 Per Share Represents Significant Premium to Unaffected Clearwire Trading Price and DISH Network Tender Offer Group of Significant Minority Stockholders Agree to Vote in Favor of Sprint TransactionOffer Provides Clearwire Stockholders with Certain and Attractive Value http://www.businesswire.com/news/home/20130620006250/en/Sprint-Clearwire-Agree-Increased-Acquisition-Offer 10 Link to comment Share on other sites More sharing options...
bucdenny Posted June 20, 2013 Author Share Posted June 20, 2013 Most important Sprint has received commitments from a group of significant Clearwire stockholders, including Mount Kellett Capital Management LP, Glenview Capital Management LLC, Chesapeake Partners Management Co., Inc. and Highside Capital Management LP, which collectively own approximately 9 percent of Clearwire’s voting shares, to vote their shares in support of the transaction. These stockholders have also agreed to sell their shares to Sprint in the event the transaction does not close. 3 Link to comment Share on other sites More sharing options...
cletus Posted June 20, 2013 Share Posted June 20, 2013 Sprint and Clearwire Agree to Increased Acquisition Offer Increased Offer to $5.00 Per Share Represents Significant Premium to Unaffected Clearwire Trading Price and DISH Network Tender Offer Group of Significant Minority Stockholders Agree to Vote in Favor of Sprint TransactionOffer Provides Clearwire Stockholders with Certain and Attractive Value http://www.businesswire.com/news/home/20130620006250/en/Sprint-Clearwire-Agree-Increased-Acquisition-Offer Agreement to buy 9% more even if the transaction doesn't close AND if the transaction doesn't complete under certain circumstances the standstill provision for November 28th is waived and opens the doors for Sprint ahead of time. Link to comment Share on other sites More sharing options...
marioc21 Posted June 20, 2013 Share Posted June 20, 2013 Game, set, match. Or is it??? 1 Link to comment Share on other sites More sharing options...
Phillycat Posted June 20, 2013 Share Posted June 20, 2013 Let's see what crazy charlie has up his sleeve Link to comment Share on other sites More sharing options...
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