P. Schoenfeld Asset Management, or PSAM, sent a letter today to the MetroPCS (PCS +0.27%) board of directors, calling for a change in the company's "governance structure and policies should the proposed transaction [merger] with T-Mobile be voted down" at the special shareholders' meeting to be held on April 12, PSAM announced late today.
In its letter, PSAM calls for the resignation of current chairman of the board and company CEO Roger Linquist, and also of director Kevin Landry, because of their "aggressively selling down their positions in PCS stock while simultaneously recommending the T-Mobile transaction to PCS stockholders, based on implied values nearly 70% above their sales prices. In our opinion, these two directors no longer have their interests properly aligned with shareholders and they should both leave the board now."
Earlier, PSAM had accused Mr. Linquist of selling 28% of his MetroPCS holdings despite pushing for the merger with T-Mobile.
In a recent announcement from MetroPCS, T-Mobile USA, and T-Mobile's parent company Deutsche Telekom, which announced the composition of the board of directors of the proposed new company, neither Mr. Linquist's nor Mr. Landry's name is mentioned.
PSAM and its investment clients together own MetroPCS shares worth approximately $100 million, and which represent 2% of the company's outstanding shares.
