MetroPCS shareholders to vote on T-Mobile merger March 28

Shareholders of MetroPCS are planning to hold a vote on March 28th to approve its previously-announced reverse merger with T-Mobile USA. The deal has been in the works for several months, and is technically a "reverse merger" because MetroPCS will be buying T-Mobile, even though it is the smaller company. Deutsche Telekom currently owns T-Mobile USA, and will have a 74-percent stake in the new company if the merger is approved. But because MetroPCS is a publicly held company, the shareholders must vote to approve the deal before it can go any further

Two different hedge funds -- P. Schoenfeld and Paulson & Co. -- which hold 2.3-percent and 8.7-percent of MetroPCS shares respectively, have expressed that they will vote against the merger. These funds believe MetroPCS shareholders aren't getting enough from the deal, which at this point is about $4.09 per share (or $1.5 billion in cash) and the remaining 26-percent of the newly merged company.

While the funds continue to urge other shareholders to consider voting against the deal, the MetroPCS board of directors is supporting the deal, as is Deutsche Telekom. The terms could certainly change before this becomes final, but at this point it looks as though MetroPCS and T-Mobile will indeed merge in the coming months, combining the 4th and 5th largest carriers in the U.S.

Source: MarketWatch

Source: http://feedproxy.google.com/~r/androidcentral/~3/-a2EgYc2mYA/story01.htm

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