Sprint Nextel Corporation (NYSE:S) completes acquisition of Clearwire stake

Posted by Lynn Eisler July 9, 2013 0 Comment 1039 views

Followed by the Federal Communications Commission’s (FCC) approval over Japan’s Softbank acquisition of  Sprint Nextel Corporation (NYSE:S), the company conducted  elections regarding whether Sprint shareholders prefer to receive cash or stock for the merger consideration  last Friday.

Earlier this week, Sprint Nextel Corporation (NYSE:S) and SoftBank Corp. (“SoftBank”) (TSE: 9984) announced the results in which a majority of the shareholders amounting to 53 percent of the outstanding shares of Sprint voted to receive cash and only 3 percent of the outstanding shares preferred to receive shares of the company. The SoftBank merger with Sprint Nextel Corporation (NYSE:S), which is the third biggest wireless carrier in the United States, will support ‘Network Vision’, a multi-billion  dollar restructuring program of Sprint, and provide support in financial background to improve competiveness in the wireless business.

In a major development Sprint announced today that it successfully finished the required transaction to acquire 100% stake in Clearwire.

Shares of Sprint Nextel Corporation (NYSE:S) closed lower, at $7.11 on Tuesday, recording a gain of 0.50 percent over the previous closing price. The shares of the company fluctuated in the range of $7.09 to $7.18, after opening at $7.15 per share. The shares of Sprint Nextel Corporation (NYSE:S) recorded a 52-week low price of $3.15 and a 52-week high price of $7.50 per share.

Sprint Nextel Corporation (NYSE:S) had an average trading volume of 71.75 million shares on Tuesday, with an average trading volume of 87.94 million shares per day. The company currently has 3.02 billion shares outstanding in the market which accounts for a market capitalization of $21.34 billion. Institutional ownership in Sprint Nextel Corporation (NYSE:S) is 89 percent of its total equity capital.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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