MetroPCS shareholders advised to support T-Mobile deal
MetroPCS Communications shareholders have been advised to approve the company’s merger with T-Mobile USA, according to the Wall Street Journal.
Glass Lewis advisory firm has told the company to accept the offer, which has come under scrutiny from a range of shareholders in recent weeks for being against valuation.
T-Mobile USA’s parent company Deutsche Telekom bettered its offer last week by reducing the combined companies proposed debt load.
“Deutsche Telekom’s revised offer adequately resolves the prior concerns that we and MetroPCS shareholders had voiced regarding the proposed merger,” a spokesperson from Glass Lewis reportedly said.
The decision is expected to be made at a meeting scheduled for April 24 and if approved, MetroPCS shareholders would obtain a 26% share of the combined company, as well as receiving $4.06 per share.
Deutsche Telekom would own the remaining shares.