Investment adviser to vote against MetroPCS-T Mobile deal
Feb 7 (Reuters) - An investment adviser to shareholders holding about 7.5 million shares of MetroPCS Communications Inc said it intends to vote against the company's proposed merger with T-Mobile USA.
The shares held by clients of P. Schoenfeld Asset Management LP (PSAM) represent about 2 percent of MetroPCS's outstanding shares, based on an Oct. 19 regulatory filing.
PSAM said it sent a letter to the boards of MetroPCS and Deutsche Telekom AG, which owns T-Mobile, on Jan. 30 informing them of its decision.
MetroPCS agreed to merge with T-Mobile USA in October, with
Deutsche Telekom taking a 74 percent stake in the combined company.
In its letter, PSAM said, "it would be better for PCS to remain a stand-alone company while examining opportunities to consummate alternative transactions."
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video