MetroPCS shareholders approve T-Mobile offer [View all]
Source: AP-Excite
By PETER SVENSSON
NEW YORK (AP) - MetroPCS Communications Inc. (PCS) (PCS), the country's fifth-largest cellphone carrier, said its shareholders have overwhelmingly approved the company's takeover by No. 4 T-Mobile USA.
Wednesday's approval was expected after T-Mobile sweetened its bid and major shareholders withdrew their objections. T-Mobile's initial offer was approved by MetroPCS' board, but shareholders and shareholder advisory firms called it inadequate.
Nick Lamplough, a spokesman for MetroPCS, said shareholders voted for the deal at their special meeting in Richardson, Texas, on Wednesday morning.
MetroPCS said the deal is expected to be completed next Tuesday.
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