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MetroPCS shareholders to vote on T-Mobile merger March 28th

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MetroPCS shareholders to vote on T-Mobile merger March 28th
Back in October, we explained how the MetroPCS and T-Mobile deal was structured as a reverse merger meaning that in theory, the smaller MetroPCS was buying the larger T-Mobile. This way, T-Mobile would instantly be a public company once the deal closed. T-Mobile parent Deutsche Telekom will own 74% of the combined company when the dust settles on the merger.

As a public company, before the merger is completed, shareholders of MetroPCS must approve it. A vote is scheduled for March 28th and not all MetroPCS shareholders are thrilled with the deal. A couple of Hedge Funds, P. Schoenfeld and Paulson & Co, have complained about the merger which gives MetroPCS shareholders $4.09 a share in cash and together, a 26% ownership in the new company which is expected to be named T-Mobile. P. Schoenfeld has filed with the SEC, saying that the deal is unfair. The fund owns 2.3% of the carrier's shares which it will vote against the deal, and if Paulson votes its 8.7% stake the same way, it could make things interesting.

Even if MetroPCS shareholders let the deal go through, the merger still will require regulatory approval in the U.S.

source: Marketwatch via AndroidCentral

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