MetroPCS urges shareholders to vote for T-Mobile deal

April 1 Mon Apr 1, 2013 7:24am EDT

April 1 (Reuters) - MetroPCS Communications Inc urged shareholders to vote for its proposed merger with Deutsche Telekom AG unit T-Mobile USA Inc after two proxy advisory firms recommended that MetroPCS shareholders hold out for a better offer.

Under the terms of the reverse merger announced in October, Deutsche Telekom would end up with 74 percent of the combined company, and MetroPCS would declare a 1-for-2 reverse stock split and pay $1.5 billion in cash to its shareholders.

Proxy adviser Glass Lewis on Friday backed efforts by two key activist investors to block the deal after proxy firm ISS said shareholders should vote against the deal.