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3G/HSPA

MetroPCS Pulls Leap Bid

5:55 PM -- MetroPCS Inc. (NYSE: PCS) is withdrawing its unsolicited $7.5 bilion bid for low-cost wireless operator Leap Wireless International Inc. (Nasdaq: LEAP) because its says that it has "has not been able to engage Leap in meaningful negotiations" regarding a merger.

Leap already rejected the bid in September saying that there wasn't enough money involved. Market chatter had suggested, however, that the companies were trying to get around the meeting table again. This latest development appears to shoot down that possibility. (See MetroPCS-Leap On Again?}

Its been an interesting couple of weeks for MetroPCS. The carrier is also currently suing its brokerage, Merrill Lynch & Co. Inc. , for making what it calls "risky investments." (See MetroPCS Sues Merrill Lynch.)

— Dan Jones, Site Editor, Unstrung

joset01 12/5/2012 | 2:59:39 PM
re: MetroPCS Pulls Leap Bid Leap says they are still open to merger talks.

http://home.businesswire.com/p...

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