Harwood Feffer LLP Announces Investigation of MetroPCS Communications, Inc.
NEW YORK, Oct. 4, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of MetroPCS Communications, Inc. ("MetroPCS" or the "Company") (NYSE: PCS) concerning the proposed acquisition of the Company by Deutsche Telekom ("Deutsche Telekom") to combine T-Mobile USA ("T-Mobile") and MetroPCS in a transaction valued at approximately $1.5 billion.
Under the terms of the proposal, MetroPCS will declare a 1 for 2 reverse stock split, make a cash payment of $1.5 billion to its shareholders (approximately $4.09 per share prior to the reverse split) and acquire all of T-Mobile's capital stock by issuing to Deutsche Telekom 74% of MetroPCS's common stock on a pro forma basis.
The investigation concerns whether MetroPCS's board of directors failed to adequately solicit competing bidders and obtain the best possible value for MetroPCS's shareholders before entering into an agreement with Deutsche Telekom. According at least one analyst, MetroPCS stock has a price target of $18.00 per share.
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