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MetroPCs Bid For Leap Falls

Withdraws $4.7B offer for rival

By Peter Fearon, Newser Staff

Posted Nov 1, 2007 10:09 PM CDT

(Newser) – The proposed multi-billion dollar merger of rival discount wireless service providers has collapsed amid acrimony. AP reports MetroPCS Communications is withdrawing it's $4.7 Billion bid for Leap Wireless International. The Leap board had rejected the bid as "financially inadequate." Both companies allow customers to pay up front for wireless service without a contract.

The bid represents only a three per cent premium over Leap's current share price. MetroPCS had been expected to increase the offer, but a statement said the company "has not been able to engage Leap in meaningful negotiations." Leap officials say they are still "open to substantive discussions concerning a strategic combination."

Stewart Douglas "Doug" Hutcheson, President and CEO of Leap Wireless International, Inc.rings The NASDAQ Stock Market Opening Bell Wednesday, June 29, 2005 at NASDAQ's MarketSite in New York City. MetroPCs... (NASDAQ)

Members of the MetroPCs board celebrate the company's IPO at the new York Stock Exchange in April 2007. The company formally withdrew a bid for rival Leap Wireless International Thursday (NYSE)

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MetroPCs Bid For Leap Falls

Withdraws $4.7B offer for rival

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MetroPCs Bid For Leap Falls

Withdraws $4.7B offer for rival

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OTHER STORIES ON OUR RADAR

No Merger

cell phones • broadband Internet • mergers and acquisitions • MetroPCs • Leap Wireless International • wireless service

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Government to Auction Off Public Airwaves

Payroll tax compromise could lead to faster wireless speeds

New Recession Villain: Warren Buffett's Cell Phone

Oracle of Omaha missed message that may have saved Lehman Brothers

Verizon Seeks Alltel Deal, Challenge to Top Dog AT&T

Wireless companies are in negotiations to cover 80 million customers

Yes On Phones, No On Talking: Poll

Passengers would use cell's silent features, don't want neighbor yammering in their ear

Cellphone Sales Drop

Recession driving down sales

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?