MetroPCS sets March 28 as date to vote on T-Mobile merger

Save the date folks. Wireless carrier MetroPCS has set March 28th as the date to vote on its merger with T-Mobile. The two phone carriers have been in talks to merge that was reported as early as October 2012. According to reports, this merger will be classified as a “reverse merger” meaning that T-Mobile will merge into MetroPCS' structure rather than the opposite. Deutsche Telekom will benefit from this merger by getting 74% of the company's shares. The remaining 26% will go to MetroPCS shareholders which equals a total amount of $1.5 billion.

While the date has been set, there looks to be some potential roadblocks in the form of some opposition to the merger. Among the different opponents out there is P. Schoenfeld, a firm who holds a total of 8.3 million shares, or about 2.3% of shares in MetroPCS. The firm has expressed the intention to vote against the merger using its shares. Along with them is another firm expressing opposition to the merger, Paulson & Co. Paulson & Co. has a total of 8.7% of shares in MetroPCS and may join in the efforts to oppose the merger of the two wireless carriers.

It will be interesting to see how this developing T-Mobile/MetroPCS saga will play out.

Source: MarketWatch