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Sprint raises Clearwire offer, not enough for some

Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share on Tuesday under pressure from activist shareholders, but the new bid failed to impress several big investors.Clearwire shares traded around the new offer price after Sprint was forced to revise its original $2.97 per share offer just hours before a scheduled shareholder vote on the deal.Analysts and investors had predicted that the original bid would not have won approval. Clearwire said it would review the new bid and postponed the vote to May 30.However, the improved offer met with an icy reception from several investors including several top-20 Clearwire shareholders with more than 14 percent of the minority votes.Crest Financial, the biggest of the opposing minority shareholders with about 8 percent of Clearwire's public shares, urged Clearwire shareholders and its board to reject the new offer which it said "significantly undervalues Clearwire."Crest, which had led a proxy f...

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