MetroPCS Announces Shareholder Vote on T-Mobile Deal

In preliminary proxy statement filed with the Securities and Exchange Commission today, MetroPCS gave notice of a special shareholder meeting on March 28 for the purpose of voting "on matters relating to the combination of MetroPCS with T-Mobile USA."

The MetroPCS board of directors voted unanimously to approve the merger deal that the two companies agreed on last Oct. 12.

MetroPCS will be seeking shareholder approval of such tenets of the deal as receiving a cash payment of $1.5 billion from T-Mobile in return for giving up 74% of MetroPCS' shares.

There has been criticism of the deal from some shareholders, including from P. Schoenfeld Asset Management, a fund that owns 2% of MetroPCS shares. PSAM filed a preliminary proxy statement with the SEC last week stating that it plans to oppose the merger.

The article MetroPCS Announces Shareholder Vote on T-Mobile Deal originally appeared on Fool.com.

Dan Radovsky and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.