MetroPCS Investors Try to Block T-Mobile Deal
Some MetroPCS Inc. (NYSE: PCS) shareholders are trying to block the operator's merger with T-Mobile US Inc. , claiming the $1.5 billion deal undervalues the company.
Courthouse News Service reports that MetroPCS shareholders filed two lawsuits in the Dallas Country Court last week.
The complaints claim that:
- The deal "drastically undervalues" MetroPCS at $12.48 per share.
- The deal was structured to favor one buyer -- T-Mobile owner Deutsche Telekom AG (NYSE: DT) -- with clauses that allow it to make a new matching bid if rivals attempt to top its offer.
- Executives from MetroPCS stand to get millions of dollars in special payments not being made to ordinary shareholders through the deal.
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- T-Mobile in Talks to Buy MetroPCS
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— Dan Jones, Site Editor, Light Reading Mobile