Clearwire very unlikely to accept $2.90 price, says Wells Fargo

theflyonthewall.com

Wells Fargo wrote in a note to investors that Clearwire (CLWR) shareholders are very unlikely to accept the $2.90 per share takeover price offered this morning by Sprint (S). Wells, however, added that it is encouraged to have a negotiating starting point. At $2.90 per share, Wells says Clearwire is valued at 17c per megahertz pop. The firm says other deals have gotten done at a 50%-plus premium to this implied value.

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