Reuters: Technology News: MetroPCS urges shareholders to vote for T-Mobile deal

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MetroPCS urges shareholders to vote for T-Mobile deal Apr 1st 2013, 13:15 Tweet Share this Email Print Related News Proxy firms pile on pressure for better MetroPCS-T-Mobile deal Fri, Mar 29 2013 UPDATE 3-Proxy firms pile on pressure for better MetroPCS-T-Mobile deal Fri, Mar 29 2013 ISS may force sweeter MetroPCS/T-Mobile merger Thu, Mar 28 2013 UPDATE 4-ISS may force sweeter MetroPCS/T-Mobile merger Thu, Mar 28 2013 Deals of the day -- mergers and acquisitions Thu, Mar 28 2013 Analysis & Opinion Amid 'activist' debate, Strine sides with hedge fund dogging SandRidge Warren Buffett’s no-dividend policy on thin ice Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Signage for a T-Mobile store is pictured in downtown Los Angeles, California August 31, 2011. Credit: Reuters/Fred Prouser Mon Apr 1, 2013 8:13am EDT (Reuters) - MetroPCS Communications Inc urged shareholders to support its proposed merger with Deutsche Telekom AG unit T-Mobile USA Inc after two proxy advisory firms recommended that shareholders vote against the deal. Proxy advisers Glass Lewis and ISS have backed efforts by two key activist investors to block the deal. MetroPCS said in a letter to shareholders on Monday there could be no assurance that it would be able to deliver better shareholder value as a stand-alone wireless company. The company will hold a special meeting of stockholders on April 12 to vote on the deal. Glass Lewis said on Friday that the deal undervalued MetroPCS's contribution to the combined company. ISS said MetroPCS could thrive as a stand-alone company. Paulson & Co, the biggest MetroPCS shareholder, and P. Schoenfeld Asset Management, another big shareholder, have said they will vote against the deal. Madison Dearborn Partners, the second-largest shareholder, has thrown its weight behind the deal. Under the terms of the reverse merger announced in October, Deutsche Telekom would end up with 74 percent of the combined company, and MetroPCS would declare a 1-for-2 reverse stock split and pay $1.5 billion in cash to its shareholders. T-Mobile USA, the No. 4 mobile provider in the United States, and MetroPCS want to pool their spectrum resources and networks in order to better compete with larger rivals Verizon Wireless, AT&T Inc and Sprint Nextel Corp. (Reporting by Sayantani Ghosh in Bangalore; Editing by Maju Samuel and Saumyadeb Chakrabarty) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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