There were further developments in the MetroPCS and Leap Wireless merger story today. Get the whole background story in this round up of our previous coverage...
MetroPCS wants Leap for $7.5 billion - Sept. 4
On the heels of a report from the Wall Street Journal, MetroPCS publicly announced its desire to acquire Leap Wireless for $5.5 billion in stock plus $2 billion in acquired debt for a deal worth $7.5 billion. Read more...
Why MetroPCS went public with its bid - Sept. 5
According to a report in The Wall Street Journal, MetroPCS went public with its buyout offer of Leap Wireless because a deal could not be reached behind closed doors. MetroPCS reached out to Leap's chairman Mark Rachesky, who controls 17 percent of the company's shares, and he rebuffed the offer. Read more...Ãƒâ€šÃ‚Â
Leap reviews offer - Sept. 7
Leap Wireless announced that its board of directors will review MetroPCS's unsolicited proposal to acquire the carrier. Leap has hired Goldman Sachs and Jeffrey Williams & Co. as financial advisors and Wachtell, Lipton, Rosen & Katz as well as Latham & Watkins as legal advisors. Read more... | Press Release
Leap board member resigns
In the wake of an unsolicited $5.5 billion acquisition offer from MetroPCS, Leap's executives are slowly jumping ship. First, Leap's CFO Amin Khalifa left the flat-rate carrier. Now, James Dondero, a Leap board member and president of Highland Capital Management resigned effective immediately. Read more...