Sprint Holding Off on MetroPCS Counter Offer
Wants More Time to Examine T-Mobile Proposal
After insisting a Sprint counter-offer for MetroPCS was in the works last week
, anonymous sources tell Bloomberg News
that Sprint is holding off on any such offer...for now. According to the sources, Sprint wants some additional time to take a closer look at the T-Mobile MetroPCS deal as it's currently structured. Those same sources say Sprint has as long as three months before it's expected that MetroPCS investors vote on the deal. They also reveal for the first time that Sprint's previous attempt to acquire MetroPCS involved $5.15 in cash per share and a stock swap, a deal that valued MetroPCS at 30% more than its trading price. Sprint's planned takeover was scrapped by the board at the last second
, with some worried that integrating a new acquisition and building their LTE network could be too ambitious for the company.