An investment adviser to shareholders holding about 7.5 million shares of MetroPCS Communications Inc said it intends to vote against the company's proposed merger with T-Mobile USA. The shares held by clients of P. Schoenfeld Asset Management LP (PSAM) represent about 2 percent of MetroPCS's outstanding shares, based on an Oct. 19 regulatory filing.PSAM said it sent a letter to the boards of MetroPCS and Deutsche Telekom AG, which owns T-Mobile, on Jan. 30 informing them of its decision.MetroPCS agreed to merge with T-Mobile USA in October, withDeutsche Telekom taking a 74 percent stake in the combined company.
MetroPCS Communications, Inc. provides wireless personal communication services. Shares of PCS fell by 0.31% or $-0.03/share to $9.67. In the past year, the shares have traded as low as $5.53 and as high as $14.51. On average, 7256940 shares of PCS exchange hands on a given day and today's volume is recorded at 1358726.
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