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MetroPCS Shareholders OK Merger With T-Mobile

By Eric Volkman – Apr 24, 2013 at 2:42PM

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Some 93% voted in favor.

By an overwhelming majority, MetroPCS (TMUS -1.17%) shareholders have ratified the company's proposed merger with Deutsche Telekom (DTEGY -1.16%) 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.


Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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