If DISH succeeds in out bidding Softbank for Sprint/Clearwire, they will be able to sell excess spectrum to Verizon, AT&T and perhaps others to raise a quick 8 to 12 billion for build out. (FCC may require it anyways)
Charlie isn't the type to play it safe and horde spectrum. He takes risks and beats the competition by giving consumers what they want.
Its not complicated.. Softbank has the deal on the table that has been accepted by all three BODs. And managements and financial analysts, except for the dissenting advocates for minority shareholder interests, of course, say Softbank's offer look more assured of paying them off. Simple arithmetic and simple wishes of majority debt and stock holders. It is simple and almost without recourse. Minority shareholders can hold out for the final washing of the hands so that the nasty mess can move on to find salvation in the annals of business 201 text books. Wrapped up as 'The case study of Softbank/Sprint US in the Era of Broadband Everywhere Connectivity'. Nice, and we've already read the book.
"Hold out.. the shoe remains on our foot.. to kick some #$%$.. a way to think of it that 'satisfies'" And why not some 'sending a message'? I only wish little farts could send a message that resounded well enough to shake things up a bit... it won't happen.. not a slight chance.
"We are mighty little farts.. hear our mutual roar! (or bleating)".. a big last blast directed at the large financial situation that places it at a rare position of being taken into account. However crudely disposed, this is the time to twist your little knife in and twist and twist until the deal is sweetened. Maybe its just a pipe dream.. farts sometimes ignite when a match is put.
Yes. Softbank needs clearwire's spectrum and is forcing the ridiculous, $2.97 offer to acquire it. They have over-paid sprint for 70% of that company on the assumption that they could effectively steal clearwire from it's minority shareholders... which obviously... isn't going to pass muster with the minority shareholders.
Dish, on the other hand, brings a lot of spectrum of their own to the table, and will not need all of clearwire's spectrum. By selling a portion of clearwire spectrum following a merger, they could essentially PAY for the clearwire acquisition at significantly more than the $2.97 that softbank is trying to steal the company for, and lower the cost of the total merger.
Dish is aware of what it is buying... and clearwire's net value in that package. Ergan is no dummy... once consummated, he would control almost 130% of the total spectrum bandwidth that verizon and AT&T control COMBINED. In a spectrum-crazy world that has evolved... Ergan's $25 billion offer is crazy like a fox.