* Says managers sold shares after T-Mobile deal was
* Schoenfeld says owns about 2.5 pct of MetroPCS
* MetroPCS, Deutsche Telekom declined to comment
NEW YORK/FRANKFURT, March 22 Activist investor
P. Schoenfeld Asset Management LP (PSAM) stepped up its campaign
on Friday against MetroPCS Communications Inc's proposed
merger with Deustche Telekom's T-Mobile USA, calling
on MetroPCS's chief executive and another director to step down.
The investment firm, which is urging other shareholders to
vote against the deal, has complained about the terms of the
transaction and the amount of debt the new company would have.
PSAM, which says it owns about 2.5 percent of MetroPCS
shares, said in a statement on Friday that MetroPCS's chief
executive Roger Linquist and board member Kevin Landry should
step down from the board, and that Linquist should also resign
as CEO if shareholders vote down the proposed deal.
Shareholders are set to vote on the deal at a special
meeting on April 12. The investor complained that Linquist and
Landry had sold shares in MetroPCS since its planned deal was
announced in October.
MetroPCS and Deutsche Telekom officials declined to comment
on PSAM's statement, and both reiterated that they viewed the
proposed deal as the best option for both companies and their
shareholders. Landry did not respond to requests for comment.
Under the terms of the deal, T-Mobile parent Deutsche
Telekom would end up with a 74 percent stake in the combined
company and MetroPCS would declare a 1-for-2 reverse stock split
and pay $1.5 billion in cash to its shareholders.
U.S. regulators have given their blessing to the deal but
the companies still need approval from MetroPCS shareholders.
MetroPCS's shares were up four cents at $10.52 in afternoon
trade on the New York Stock Exchange. The stock has fallen about
9 percent since Oct. 1, the day before it emerged that MetroPCS
and T-Mobile USA were in talks.