MetroPCS sets shareholder meeting for T-Mobile tie-up
MetroPCS has set a shareholder meeting for March 28 2013 to discuss its proposed merger with T-Mobile USA.
According to reports, some investors are looking to block any potential deal because T-Mobile’s offer does not value the company highly enough.
Major shareholder P. Schoenfeld Asset Management LP, which holds 7.5 million MetroPCS shares, has since said it will vote against the deal because of a perceived low valuation and the level of debt that comes with any potential tie-up.
It has also been looking to generate support to reject the deal from other shareholders.
Paulson & Co, which holds an 8.7% stake in the company, has also hit out at the deal, claiming “it may be more prudent for PCS to remain independent and explore other higher value alternatives”.
Paulson & Co has not yet decided which way it will vote, but said P. Schoenfeld’s arguments made sense.