MetroPCS Communications Inc is calling all its shareholders to vote for the approval of its proposed merger with T-Mobile USA Inc. This was in response to three proxy advisory firms calling out the rejection of the proposed merger pushed by Deutsche Telekom AG.
The three firms are ISS, Glass Lewis and P Schoenfeld Asset Maangement and they have supported the move by other activist investors. The meeting would be held on April 12, where the shareholders would either approve or reject the deal.
The call was made through a letter to shareholders, saying that there could be no assurance that better shareholder value would be delivered as a standalone company providing wireless services.
The battle lines have been drawn, with Paulson & Co, the largest MetroPCS shareholder said they will vote against the deal while Madison Dearborn Partners, the second largest shareholder of MetroPCS had said it would approve the deal.
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