MetroPCS moves back shareholders meeting to April 12th

Mar 2, 2013
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MetroPCS has moved the date of its shareholders meeting back to April 12th. The special meeting will allow MetroPCS stockholders to vote for the pending T-Mobile merger. Following the meeting and the votes, MetroPCS believes that its merger with T-Mobile will be completed shortly after. MetroPCS encourages all of its shareholders to vote in favor of the proposal using their GREEN proxy card.

The MetroPCS/T-Mobile merger has been negatively perceived by many of MetroPCS's shareholders. They believe that the merger will only land them more in debt, and that there isn't enough value in it for MetroPCS. P. Schoenfeld Asset Management, an investment adviser that owns 2% of MetroPCS's shares, believes that the company should stay a stand-alone company and wait for a better offer to arrive.

Paulson & Co., MetroPCS's biggest shareholder with 8.7% of the company's shares, stated that it's going to withhold its vote until it sees the final proxy statement, which will be submitted by MetroPCS at the meeting. Paulson & Co. also echoes the concerns of P. Schoenfeld Asset Management, and says that the merger would result in too high of a debt for MetroPCS, and that the company should explore alternative options.

T-Mobile is gunning for this merger with MetroPCS because doing so will help it expand its 4G LTE network. This would also make them the best, cost-friendly service providers in America, with both companies offering unlimited 4G data, and T-Mobile soon to be offering contract-less service plans like MetroPCS. The two companies will continue to operate as separate entities, but they will combine to make a fierce, value-oriented competitor to the other 3 major carriers.

[via MetroPCS]


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