Clearwire Investor Asks FCC To Block $2.2B Sprint Deal

Law360, New York (January 30, 2013, 2:32 PM EST) -- Tuesday brought another twist in the ongoing battle for Clearwire Corp., when shareholder Crest Financial Ltd. asked regulators to block Sprint Nextel Corp.'s $2.2 billion bid for the broadband company, as well as Sprint's own majority acquisition by Japan's SoftBank Corp.

Crest Financial, which owns about 3.9 percent of Clearwire, filed a so-called petition to deny with the Federal Communications Commission, arguing that Sprint's move to buy the 49.6 percent it does not already own undervalues the company's prized asset — its wireless spectrum.

The Texas-based...
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