Clearwire has 46 Billion MHz pop of 2.5 GHz spectrum. GHz spectrum has been going for $0.35 per MHz pop. So its worth $16 Billion. CLWR has $6 Billion of debt. S is offering a total of $10 Billion enterprise value for CLWR.
NIHD has 7,000 towers (worth $2 Billion) + $10 Billion worth of spectrum. They also have $2 Billion in cash and over $3 Billion in other assets and $6 Billion in debt.
2 Billion towers
10 Billion spectrum
3 billion other
= $15 Billion
less debt: $6 Billion
Total = $9 Billion.
Market cap $1.25 Billion. NIHD should be worth at least 7 times its current price. The market will wake up to this soon enough.