MetroPCS board of directors unanimously approves improved Deutsche Telekom bidAlex Wagner - Deputy Managing Editor, News Desk
In what may be one of the most unsurprising pieces of news in recent memory, MetroPCS announced today that its board of directors has unanimously approved the recent amendment to its merger with T-Mobile. The deal was amended late last week by T-Mobile parent company Deutsche Telekom, which opted to drop the amount of the combined T-Mobile-MetroPCS entity's debt by $3.8 billion, lower the interest rate on DT's loan to the combined company and also extend the period during which DT cannot publicly sell shares in T-Metro from 6 months to 18 months.
The proposed merger of T-Mobile and MetroPCS was originally announced way back in October 2012, and since then, it's received all of the regulatory approval necessary to reach completion. The deal encountered a bit of opposition along the way, but these new terms from Deutsche Telekom seem to have fixed that. Now the T-Metro deal just needs to be approved by MetroPCS's shareholders, which are expected to vote on the matter at a special MetroPCS stockholder meeting that's scheduled for April 24. MetroPCS is urging its stockholders to vote in favor of the merger (shocker), but we'll just have to wait until next week to find out exactly how all of the investors feel about it. Stay tuned.