The proposed acquisition of T-Mobile USA by MetroPCS Communications Inc. has received approval from the Department of Justice, the Committee on Foreign Investment and the Federal Communications Commission. But one of shareholders in MetroPCS made an appeal by posing questions for the other shareholders to think about and for the company to answer.
P. Schoenfeld Asset Management or PSAM, which owns 2 percent of the outstanding shares in MetroPCS, wants the company to explain the approximately 23% drop in its share price when the proposed merger went public.
PSAM also wonders how MetroPCS could respond to the sale of 2 million shares at an average price of $10 per share by its chairman and chief executive officer Roger Linquist since December 12, 2012.
PSAM is not the only one that is against the merger with T-Mobile. Paulson & Co., the largest single stockholder owning 9.9% of MetroPCS, said in its filing with the Securities and Exchange Commission to block the deal.
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