MetroPCS Communications Inc on Monday set a special shareholders meeting for March 28 to vote on its proposed merger with T-Mobile USA, which some activist investors are looking to block. MetroPCS agreed on Oct. 3 to merge with Deutsche Telekom AG's U.S. business, but some shareholders have complained the deal does not value MetroPCS highly enough.P. Schoenfeld Asset Management LP, which holds about 7.5 million MetroPCS shares, said on Feb. 7 that it intends to vote against the deal due to the valuation and the debt levels that come with it. Since then, it has been looking for support from other investors.A week later, Paulson & Co, which holds 8.7 percent of MetroPCS shares, criticized the deal and said "it may be more prudent for PCS to remain independent and explore other higher value alternatives."While Paulson said the firm had not yet made a final decision on how it would vote, it said P. Schoenfeld's arguments made "a lot of sense."
MetroPCS Communications, Inc. provides wireless personal communication services. Shares of PCS fell by 0.1% or $-0.01/share to $9.94. In the past year, the shares have traded as low as $5.53 and as high as $14.51. On average, 6748470 shares of PCS exchange hands on a given day and today's volume is recorded at 2545139.
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