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A study that one Clearwire shareholder commissioned shows that the company’s spectrum is worth two to three times more than what Sprint is currently offering in its bid to acquire Bellevue-based Clearwire.

The study, done by Information Age Economics, shows that Sprint’s current offer of $2.97 per share undervalues its longtime partner Clearwire. It was commissioned by Crest Financial, a company that owns 8 percent of Clearwire’s Class A shares.

Crest attached that study to an FCC complaint that shows why Sprint’s proposed deal is not in the best interest of the public due to the general lack of spectrum. The company has also sued Sprint and Clearwire’s board of directors for intentionally lowering the value of Clearwire’s spectrum.

In December, Sprint reached an agreement to acquire the remainder of Clearwire for $2.2 billion — an increase over its original offer of $2.1 billion but still below the price that some prominent Clearwire investors had been seeking.

Sprint, which already owns about 50 percent of Clearwire, will acquire the rest of the company under the deal. The agreement was approved unanimously by Clearwire’s board of directors, and the companies say Clearwire investors Comcast, Intel and Bright House have committed to support the deal.

But there’s also another bid from Dish Network outstanding. As that drama continues to unfold, Clearwire continues to lose money and posted fourth quarter and year-end results earlier this month. 

Previously on GeekWire: ClearWire subscriber count falls 8% as losses continue to mount

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