MetroPCS shareholder PSAM lobbies against T-Mobile deal

Nieuws Mobiel Verenigde Staten 14 MAR 2013
MetroPCS shareholder PSAM lobbies against T-Mobile deal
P. Schoenfeld Asset Management has sent a letter to other shareholders of MetroPCS calling for a vote against the mobile operator's proposed merger with T-Mobile USA. MetroPCS shareholders are scheduled to vote 12 April on the transaction. 

PSAM said the proposal does not provide "full and fair value" to MetroPCS shareholders, the deal is "irresponsibly and inefficiently structured" and there are more attractive options for MetroPCS to consider than the T-Mobile deal, including continuing on a standalone basis. PSAM, which holds 9.3 million shares in the company, said it plans to publish a detailed white paper in the coming days outlining its analysis of the MetroPCS/T-Mobile transaction and arguments against the deal. It has hired the financial advisor Houlihan Lokey to assist in evaluating the T-Moble deal. 

This is the second shareholder to oppose the deal. Paulson & Co, the largest MetroPCS shareholder with 36.3 million shares or a 9.9 percent stake, has also said it will vote against the merger. 

MetroPCS has also sent a letter to shareholders from its chairman Roger Linquist, outlining the board's support for the transaction and why shareholders should vote for the deal. 

Categories:

Mobiel

Companies:

MetroPCS,  T-Mobile USA

Countries:

Verenigde Staten

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments

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