MetroPCS delays shareholder vote after T-Mobile sweetens acquisition deal
Though initially most analysts thought the acquisition of MetroPCS by T-Mobile and parent company Deutsche Telekom would go off without a hitch, shareholders voting to approve the deal voiced a different opinion. After a vocal outcry from investor groups like Institutional Shareholder Services, T-Mobile is offering to sweeten their initial deal in order to gain the necessary approvals.
As speculation yesterday pointed to, the new and “final” offer reduces the amount of debt being rolled into MetroPCS — a major sticking point for shareholders — by nearly $4 billion. It also expands the waiting period for Deutsche Telekom to sell shares in the newly acquired company from 6 months to 18 months.
Whether or not it’s the deal MetroPCS wanted, the new terms are enough to get the company to delay a vote that was supposed to take place tomorrow, April 12th, until April 24th.
[via Engadget]