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."