Feb 7 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."