Clearwire disparages advisory firm that panned Sprint deal
After proxy advisory firm Glass Lewis reiterates that shareholders should vote "no" to an acquisition by Sprint, Clearwire pipes up.
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Clearwire is taking Glass Lewis to task as the proxy advisory firm continues to contest Sprint's acquisition bid, just days before a shareholder vote on the deal.
On Tuesday, Glass Lewis painted Clearwire a bit like a desperate damsel batting its eyelashes at white knight Sprint in its latest report on the offer. But Clearwire says the advisory firm doesn't know what it's talking about.
Its recommendation against the upped $3.40-per-share Sprint offer used "superficial analysis" that "contained numerous inaccuracies," the wireless broadband company said in a statement.
"The report also demonstrates a complete lack of understanding" of Clearwire and how valuable the Sprint deal could be, the company said. Clearwire has argued that its very existence is at stake, saying it could face bankruptcy if it continues to go it alone. It also noted that its biggest shareholders, such as Comcast, have put their weight behind a "yes" vote too.
The tete-a-tete comes before a vote on the deal. A meeting of shareholders is set to convene Friday.
Other proxy firms have fallen in the pro camp: Institutional Shareholder Services and Egan Jones both recommended Sprint's bid.
After Sprint raised its offer from $2.97 a share a week ago, Glass Lewis reviewed it again and on Tuesday said Clearwire was still being too deferential to Sprint.
Sprint CEO Dan Hesse told CNET last week that the offer represented the company's "best and final" bid for Clearwire.