Will Leap do the MetroPCS deal after all?

According to a report in the Wall Street Journal, some of Leap Wireless' shareholders are not happy with how the carrier rebuffed MetroPCS' $5 billion acquisition offer. Leap said that MetroPCS' offer was too low [1] at the time, but the proposed deal actually priced Leap at $75.05 a share: Back then Leap's share price was around $72.50. Leap's shares hit $34.14 last week. MetroPCS' offer is looking like a good deal [2] right about now.

The report claims that the chances of a deal between the two carriers are still very high, but because of FCC auction rules, MetroPCS and Leap cannot discuss a deal again until after the 700 MHz auction comes to a conclusion sometime before next summer.

For more on the likelihood of a deal between Leap and MetroPCS:
- read this article [3] from the WSJ (sub. req.)