MetroPCS Moves Merger Vote Back and Faces Another Challenge

By Dan Radovsky – Mar 2, 2013 at 12:07PM

NASDAQ: TMUS

T-Mobile US

Market Cap

$195B

Today's Change

(0.57%) $0.93

Current Price

$164.18

Price as of April 24, 2024, 4:00 p.m. ET

MetroPCS moves the date of its special stockholder meeting back just as another major shareholder voices opposition.

MetroPCS (TMUS 0.57%) yesterday announced that it's moving the date back for the special stockholders' meeting it called to vote on the company's proposed merger with T-Mobile USA.

The new date for the meeting will be April 11. The original date of March 28 was changed to correct an administrative error, according to the company.

At that meeting, MetroPCS will have to contend with yet another major stockholder that has stated its opposition to the merger.

Paulson & Co., the largest holder of MetroPCS common stock with a 9.9% share, on Friday filed with the Securities and Exchange Commission its intent "to vote against the MetroPCS/T-Mobile transaction."

Paulson joins P. Schoenfield Asset Management as the second large stockholder to voice unhappiness with the deal. Schoenfield holds 2% of MetroPCS common stock.

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