Leap Wireless announced it is rejecting Metro PCS's unsolicited merger offer that includes giving Leap 2.75 shares of MetroPCS stock for every Leap share they own. Metro PCS, in turn, reiterated the fairness of the deal and said it would evaluate its options. For the whole backstory on the Leap-MetroPCS merger talk, see our dedicated page here.
In its rejection of MetroPCS's offer last night, Hutcheson said in a letter to Linquist that the proposal fails to take into account Leap's growth prospects, undervalues Leap's business, offers no premium to its shareholders and perhaps most importantly doesn't detail how senior management would be integrated.
For more on the rejected offer:
- read Hutcheson's letter here
ALSO: Leap also announced a new unlimited wireless broadband plan under its Cricket brand. Release