Hot on the heels of reports that the FCC would approve the T-Mobile merger at the bureau level and not a full vote — comes exactly that result. The flash just hit Bloomberg News, leaving any remaining obstacles to the merger to come from the MetroPCS shareholder meeting in April. From the FCC finding: Based on the record before us and our review of the competitive effects … [read full article]
According to a Communication Workers of America Union attorney, the Federal Communications Commission will approve the T-Mobile/MetroPCS merger without holding a vote. Monica Desai, attorney for the CWA says the deal will be approved “at the bureau level instead of the commission level.” David Kuat, analyst for Stifel Nicolaus & Co., says this development, if true is a positive signal for the deals prospects. “I assume it’s good” for the deal’s prospects and shows the merger is … [read full article]
A late Tuesday evening press release from MetroPCS announced the waiting period for the Hart-Scott-Rodino act had expired. The waiting period offers regulatory agencies the opportunity to delay the merger between MetroPCS and T-Mobile by having the companies continue to answer questions surrounding the proposed combination. The HSR Antitrust Improvement Act of 1976 provides that parties will not complete mergers until after they have submitted detailed filings with the Federal Trade Commission and Department of Justice and … [read full article]
A number of House Democrats are urging the FCC to make sure that T-Mobile will accept steps designed to protect jobs as a condition of FCC approval. In a letter to FCC Chairman Julius Genachowski, 62 House Democrats urged they would work against “another consolidation of two companies that leads to reduction of American jobs.” The letter further asked the FCC to force T-Mobile to commit to “preserving US jobs” before signing off on the proposed merger. … [read full article]
With a special announcement on their investor website, MetroPCS announced that it would move the special meeting of their stockholders to vote on the “proposed combination of MetroPCS with T-Mobile USA, Inc.” According to the statement, the date of the special meeting was changed to “correct an administrative error.” In the same statement, MetroPCS states they now expect the deal with T-Mobile to be completed shortly after the meeting. MetroPCS hopes the pushed back date will … [read full article]
After a bit of wavering back and forth, MetroPCS’ largest shareholder, John Paulson officially voiced his opposition to the T-Mobile/MetroPCS merger. Paulson argues that any deal in its current form would saddle the new company with too much debt. Paulson’s firm holds a 9.9% stake in MetroPCS, making it the largest shareholder. “We believe MetroPCS is worth more as a stand-alone company,” the firm, founded by the billionaire hedge fund manager John Paulson, said in a … [read full article]
While March 14th may be a big day for Android and Samsung owners the world over, it’s March 28th that will have the attention of proponents and detractors of the MetroPCS/T-Mobile USA merger. The deal continues to receive regulatory scrutiny as it goes through the FCC and DOJ review process, but will also require the approval of MetroPCS shareholders. The deal has received some negative … [read full article]
For the second time this week, another major MetroPCS investor has voiced concern over the terms of the T-Mobile merger. Paulson & Co., the biggest MetroPCS shareholder with an 8.7% stake in the company is said to be withholding its decision on whether to vote for the transaction until it sees the final proxy statement. Paulson says the combined company ““has too much debt, the interest rate on Deutsche Telekom’s debt financing is too high, and the exchange … [read full article]
As small but influential groups of shareholders openly discuss their discontent with the MetroPCS board and the decision to merge with T-Mobile USA, their parent company defends the deal. Deutsche Telekom’s defense comes as P. Schoenfeld Asset Management disclosed a letter sent to the MetroPCS board at the end of January calling the deal with T-Mobile “unsustainable” and recommending the company remain a stand-alone entity for the time being. For its part, Deutsche Telekom … [read full article]
In a move that will surprise no one, AT&T CEO Randall Stephenson has finally admitted that poor execution doomed his attempt to take over T-Mobile. During an interview with Phil Weiser, dean of the University of Colorado Law School, Stephenson admitted that the failed deal was one of his worst moments as CEO. “I wouldn’t say it was a bad decision, but it was a decision that didn’t go the way I wanted,” Stephenson said. “We didn’t … [read full article]
