Here is some of the latest news -- I use "latest" in a loose sense:
October 15, 2012 9:31 PM PDT
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With the news of the T-Mobile USA and MetroPCS merger just settling, company shareholders have filed a lawsuit trying to block the deal.
According to the TMONews, MetroPCS shareholders are calling the deal "drastically undervalued" and claiming that MetroPCS' board is "conflicted and serving its own financial interests." The lawsuit was filed in Dallas, Texas against MetroPCS, T-Mobile USA, its German parent company Deutsche Telekom, and MetroPCS' CEO and board of directors.
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MetroPCS shareholders sue over T-Mobile merger | Mobile - CNET News
So the true owners of MetroPCS are unhappy with decisions made by the Board of Directors and the corporate officers? It will be interesting to see if the court stops this merger.
November 8, 2012
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Speaking at the Wells Fargo Technology Media & Telecom Conference today, MetroPCS CFO Braxton Carter said that the combined company will become a leading value-focused multi-segment carrier that will continue to offer a broad range of products. In addition, he said that the deal will allow the MetroPCS brand to expand across the U.S., and tap markets where the prepaid flat-rate model does not currently exist, such as New Orleans and Minneapolis.
Carter also said that the combined company will allow MetroPCS to enter these markets and do it in a way that does not require the building of a new network or an investment in network infrastructure. "There are major markets that are underserved," he said.
Although Carter did not use the term mobile virtual network operator, it appears that MetroPCS may eventually operate like a branded MVNO service, with T-Mobile as the underlying network.
In early October, T-Mobile announced its plan to merge with MetroPCS. The deal will combine T-Mobile's 33.3 million customers with MetroPCS' 8.98 million customers, and T-Mobile will own 74 percent of the combined entity.
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MetroPCS says T-Mobile deal will allow it to expand its brand nationwide - FierceWireless
T-Mobile will own 74% of the company. That means MetroPCS will have been bought out by T-Mobile as they will have a majority of the share votes unless they turn that into authorized stock for public sale and dilute their ownership of the company, which I doubt they will.
November 28, 2012
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In a fairly standard move, the US Department of Justice along with the Federal Bureau of Investigation have filed a request with the FCC pertaining to the T-Mobile, MetroPCS merger. Both government entities have asked the FCC to “defer action,” or have asked them to delay their decision in order for both parties to decide if the deal has any “national security, law enforcement, and public safety issues.”
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MetroPCS, T-Mobile Merger To Be Reviewed By Justice Department, FBI | | TmoNewsTmoNews
This means the deal is moving forward, despite the stockholders -- viz company owners -- lawsuit against the Board of Directors and the officers of the corporation. So much for equity rights. But, the court may still stop the deal; I've seen other deals halted at the last minute so we shall see. So, this may indicate that corporate interests are pushing the deal through in the hope that any lawsuits can be delayed until after the merger or in the hope that they can defeat the lawsuit by citing how this is actually in the interests of the stockholders and does not violate the corporate charter or the agreements with stock holders.
