Crest reiterates opposition to Sprint-Clearwire merger

Crest Financial, the largest independent minority shareholder of Clearwire Corporation (CLWR) with approximately 8.25% of the Class A common stock of Clearwire, reiterated that it opposes the Sprint-Clearwire merger because it believes that Clearwire would be better off if it remained a stand-alone company. Sprint's (S) new offer of $3.40 in cash per share still significantly undervalues Clearwire - based on several measures -- and was devised by Sprint in a way that unfairly disadvantages minority stockholders, according to Crest. Crest noted that it has been joined in its opposition to the merger by a group of other large minority Clearwire stockholders led by Mount Kellett Capital Management LP who hold approximately 18.2% of the Class A common stock of Clearwire.

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