Based on recent developments S/SB should have no problem in making an open offer to takeover CLWR completely.
"TOKYO (Reuters) - Japan's Softbank said on Wednesday it plans 700 billion yen ($8.8 billion) if capital expenditure in the year to next March 31.
Softbank, which announced this month it would buy a 70 percent stake in Sprint Nextel Corp, the third-largest U.S. carrier, said it plans capex of 550 billion yen ($6.9 billion) in following year to March 2014.
(Reporting by Mari Saito; Editing by Michael Watson)"
And according to other recent spectrum value estimates (including $9B for 80MHz [out of a total 160MHz] excess spec. according to MK), S/SB need'nt worry about the effect of such a takeover (prior to their own deal closing) on their own merger i.e. S/SB, since they can justify this to the DOJ, FCC etc. by the fact that they need to execute their own N.V for which they will require additional spectrum for a rapidly increasing customer base + increased need for faster services (mobile video etc.) on the 2.5GHz frequency. It is because of this they (softbank) have allocated the above mentioned funds for capex (part of which could be used for the clear acquisition).
The valuation for the remaining 49.8% would work out to be 9B (spectrum) - 4B (debt) + 1.5B (cash on hand) + IP patents = ~$7B. This $7B divided by 0.5B outstanding shares (excluding what S already owns - 50.2%) = $14pps buyout value.
If they do not do that ASAP then everything they are working towards, especially network vision, will be in jeopardy because a court ordered sale of spectrum in the interest of common shareholders will reduce their spectrum arsenal by half.