Leap Wireless Considers a Sale, a Few Years Too Late

Back in 2007, MetroPCS (PCS) made an unsolicited $5.1 billion bid for rival Leap Wireless (LEAP). All in all, it was a strong offer, but Leap was resistant. The company thought that its prospects were much better as a stand-alone operation because of several planned launches into new markets, such as Los Angeles. In hindsight, it was a huge blunder. Leap's market cap is now only about $1.15 billion.

Now for some irony: Leap has hired Goldman Sachs (GS) to explore a sale of the company.