Industrial giant GE has launched a new platform of industrial wireless routers aimed at helping oil and gas and mining companies to expand their communications infrastructure using a variety of technologies.
The company describes its MDS Orbit Platform as a next-generation wireless solution integrating cellular, licensed and unlicensed networks in a single device.
Communications provider RigNet has announced a $25 million takeover of energy broadband assets owned by satellite operator Inmarsat, including an M2M network that serves the US pipeline industry.
Under the deal, RigNet (Houston, TX, USA) – which specializes in providing managed communications services to the oil and gas industry – will also become a distribution partner of Global Xpress, Inmarsat’s (London, UK) high-throughput satellite communications network.
Satellite TV company Dish Network has given up its fight to acquire Sprint in the face of tough competition from Japan’s SoftBank, reports Dow Jones Newswires.
Dish (Meridian, CO, USA) is said to have made clear its intention not to continue pursuing a takeover of Sprint in a recent securities filing.
The news comes after the company last week said it would not be able to improve its offer by a Sprint-imposed deadline of June 18.
The battle for ownership of Clearwire between Dish Network and Sprint has intensified after the satellite TV company hit back at accusations that its offer runs afoul of Delaware law and Clearwire’s equityholders’ agreement.
Last December, Sprint (Overland Park, KS, USA), Clearwire’s majority owner, made an offer of $2.97 a share for the remaining shares in the operator, to which Clearwire’s managers gave their assent.
Crest Financial, an investor in Clearwire Corp, said on Tuesday that the voting threshold for approval of Sprint Nextel Corp's purchase of Clearwire should exclude strategic investors such as Comcast Corp and Intel.
Sprint (Overland Park, KS, USA), Clearwire's majority owner, needs approval from more than 50 percent of Clearwire's minority shareholders in order to go ahead with its proposed $3.40-per-share purchase of the rest of Clearwire (Bellevue, WA, USA).
Sprint Nextel Corp
Clearwire (Bellevue, WA, USA) shares almost immediately traded around the new offer price, having consistently traded well above the old $2.97-per-share bid. Sprint (Overland Park, KS, USA) announced the revised price just hours before Clearwire was due to hold a special meeting for shareholders to vote on the original offer.
Investment group Crest Financial has made a final plea to Clearwire shareholders not to support Sprint’s takeover of the wireless broadband operator just a day before their vote takes place.
In a letter sent to Clearwire (Bellevue, WA, USA) shareholders, Crest argues that a decision on Clearwire’s future owner should be delayed until Sprint’s own status is resolved.
Wireless service provider Clearwire Corp said on Monday its proposed buyout by majority owner Sprint Nextel Corp was the best option for Clearwire's minority stockholders.
Clearwire (Bellevue, WA, USA) shares, which fell about 6 percent in an initial reaction to the statement, recovered to trade just above the closing price of $3.38 on Friday.
Investment company Crest Financial has once again lashed out at Sprint’s proposed takeover of Clearwire, urging Clearwire’s management to shun the “coercive” terms.
Crest (Cerritos, CA, USA) owns a 5.1% stake in Clearwire (Bellevue, WA, USA) and claims to be the largest shareholder that is unaligned with Sprint.
The company is vehemently opposed to the deal, which would see Sprint (Overland Park, KS, USA) acquire full control of Clearwire, and last month hired proxy-solicitation firm D.F. King & Co. (New York City, NY, USA) to help it fight the planned takeover.
Clearwire Corp is "actively considering" defaulting on a $255 million interest payment due June 1 on about $4.5 billion of outstanding debt, according to a proxy filing on Friday, as a shareholder vote approaches on Sprint-Nextel Corp's takeover offer.
The company, which urged investors to vote in favor of Sprint's buyout offer, warned that failure to close a deal may force it to contemplate a financial restructuring, which in turn could entail filing for bankruptcy.