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BELLEVUE, Wash., July 8 (Reuters) - Shareholders inClearwire Corp voted on Monday to approve majorityowner Sprint Nextel Corp's buyout of the rest of thecompany, ending a six-month battle for control of the small U.S.wireless operator.
Clearwire said holders of 82 percent of Clearwire's minorityshares voted in favor of Sprint's offer to buy the more than 49percent of Clearwire it does not already own for $5 per share.
Sprint, which is itself being bought by Japan's SoftBankCorp, just needed approval from a majority of theminority shares. Sprint had to raise its offer price three timesto placate shareholders and fight off rival bids from satelliteTV provider Dish Network Corp.
Both companies were anxious to gain control of key wirelessspectrum licenses that Clearwire holds in order to supporthigh-speed data services.
Sprint and SoftBank, which also approved the Clearwirepurchase, plan to use Clearwire's spectrum to beef up Sprint'swireless network to compete better with bigger rivals VerizonWireless and AT&T Inc.
Sprint initially bid $2.90 per share for Clearwire in midDecember but was forced to raise its offer as shareholders saidthat it was severely undervaluing the company. Dish, which hasbeen trying to find a way to expand into wireless, also helpedto jack up the price with rival bids in January and May.
"This has been a very long journey." Clearwire chairman JohnStanton told the sparsely attended shareholder meeting whichlasted roughly 12 minutes.
Clearwire said it expects to close the deal on July 9.SoftBank is expected to close its $21.6 billion purchase of 78percent of Sprint the day after. It also had to raise its offerprice for Sprint because of a separate battle with Dish.
Clearwire's shares traded just under the offer price at$4.995 on Nasdaq after the news.
