Crest Financial Issues Presentation Urging Clearwire Stockholders to Vote
Against Sprint-Clearwire Merger
Document Highlights Eagerness of DISH and SoftBank to Control Clearwire
HOUSTON, May 9, 2013
HOUSTON, May 9, 2013 /PRNewswire/ --Crest Financial Limited, the largest of
the independent, minority stockholders of Clearwire Corporation (NASDAQ:
CLWR), yesterday filed a 40-page presentation with the Securities and Exchange
Commission detailing its reasons for asking Clearwire stockholders to reject
the proposed merger with Sprint Nextel Corporation.
The presentation elaborates on Crest's long-held contentions that the price
Sprint is offering to pay Clearwire stockholders for their shares is highly
inadequate and that the Clearwire Board entered into an unfair Merger
Agreement with Sprint, is plagued by weak corporate governance, is under undue
influence of Sprint and has failed to protect non-Sprint stockholders.
In addition, the presentation highlights statements from the chief executives
of DISH Network and SoftBank earlier this month suggesting that the real prize
offered by an acquisition of Sprint is acquiring control of Clearwire and its
valuable spectrum. As noted in the presentation, DISH's Charlie Ergen, as
reported in the Denver Business Journal, said, "It's better for us to own
Sprint, because then we control Clearwire." In addition, at SoftBank's "Press
Conference 2013 Summer," SoftBank Chief Executive Officer Masayoshi Son said:
"In the Sprint-SoftBank transaction, Clearwire's spectrum is key."
David Schumacher, the General Counsel of Crest Financial, said: "These
statements confirm what Crest has been communicating to Clearwire's other
shareholders for some time now: The battle for Sprint is really a battle for
Clearwire's valuable spectrum, and that each of Sprint's suitors wants to
divert the value of Clearwire's spectrum assets to itself so as to extract
maximum benefit for itself to the detriment of Clearwire's minority
Crest strongly urges Clearwire stockholders to vote "AGAINST" the
Sprint-Clearwire merger using the GOLD proxy card.
D.F. King & Co, Inc. has been retained by Crest to assist it in the
solicitation of proxies in opposition to the merger. If stockholder have any
questions or need assistance in voting the GOLD proxy card, please call D.F.
King & Co. at (800) 949-2583. The presentation can be found at
About Crest Financial Limited
Crest Financial Limited ("Crest") is a limited partnership under the laws of
the State of Texas. Its principal business is investing in securities.
Important Legal Information
In connection with the proposed merger of Clearwire with Sprint Nextel
Corporation (the "Proposed Sprint Merger"), Crest and other persons (the
"Participants") have filed a definitive proxy statement with the U.S.
Securities and Exchange Commission ("SEC"). The definitive proxy statement was
mailed to the stockholders of Clearwire on or about May 6, 2013.
SECURITYHOLDERS OF CLEARWIRE ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT,
WHICH IS AVAILABLE NOW, AND THE PARTICIPANTS' OTHER PROXY MATERIALS FILED WITH
THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS,
CLEARWIRE AND THE PROPOSED SPRINT MERGER. The definitive proxy statement and
all other proxy materials filed with the SEC are available at no charge on the
SEC's website at http://www.sec.gov. In addition, the definitive proxy
statement is also available at no charge on the website of the Participants'
proxy solicitor at http://www.dfking.com/clwr.
Certain statements contained herein are forward-looking statements including,
but not limited to, statements that are predications of or indicate future
events, trends, plans or objectives.Undue reliance should not be placed on
such statements because, by their nature, they are subject to known and
unknown risks and uncertainties.Forward-looking statements are not guarantees
of future activities and are subject to many risks and uncertainties.Due to
such risks and uncertainties, actual events may differ materially from those
reflected or contemplated in such forward-looking statements.Forward-looking
statements can be identified by the use of the future tense or other
forward-looking words such as "believe," "expect," "anticipate," "intend,"
"plan," "should," "may," "will," believes," "continue," "strategy," "position"
or the negative of those terms or other variations of them or by comparable
SOURCE Crest Financial Limited
Press spacebar to pause and continue. Press esc to stop.