MetroPCS Shareholders OK Merger With T-Mobile

By an overwhelming majority, MetroPCS (NYSE: TMUS  ) shareholders have ratified the company's proposed merger with Deutsche Telekom (NASDAQOTH: DTEGY  ) unit T-Mobile USA.

Nearly 300 million shareholders voted in favor of the move, while 21 million voted against it, the company announced today.

MetroPCS shareholders also approved a raft of other proposals connected with the merger, including a recapitalization plan for the company.

T-Mobile USA first proposed the merger last year, meeting with some resistance from MetroPCS shareholders. Earlier this month T-Mobile revised its offer, specifically the debt financing component of the deal.

Under the terms of the merger, MetroPCS stockholders of record as of the closing date of the agreement -- which is expected to be April 30 -- are to receive an aggregate $1.5 billion (roughly $4.06 per share) in cash. They will also hold a collective 26% stake in the reformed company, with the acquirer owning the remainder.

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