ISS, Glass Lewis Recommend MetroPCS Stockholders Vote 'FOR' Proposed Combination with T-Mobile USA

MetroPCS Communications PCS today announced that Institutional Shareholder Services ("ISS"), and Glass Lewis & Co. ("Glass Lewis"), two leading independent proxy voting and corporate governance advisory firms, have reversed their prior recommendations in light of the amendment to certain terms of the business combination agreement, dated October 3, 2012, as amended, with, among others, Deutsche Telekom AG ("DT"), to combine MetroPCS with T-Mobile USA ("T-Mobile") (the "amendment").  ISS and Glass Lewis are now recommending that MetroPCS stockholders vote FOR the proposed combination. In its revised recommendation issued on April 17, 2013, ISS stated[1]: "In light of the improved terms of the merger agreement, which have enhanced the economic value PCS shareholders will receive in this merger, ISS' vote recommendations have changed." "Given the reduced debt load that will be carried by the new company and the resulting appropriate equity split granted to PCS shareholders, and the increased commitment to the combined company exhibited by DT's extension of the lockup period, support FOR the merger is warranted." In its revised recommendation issued on April 16, 2013, Glass Lewis stated1: "[We] believe Deutsche Telekom's revised offer adequately resolves the prior concerns that we and See full press release