Leap Wireless board rejects MetroPCS bid

Iria · Sep 17, 2007, 05:17 AM

Source: News.com
_______
Leap Wireless International said on Sunday its board of directors had unanimously rejected an unsolicited bid worth more than $5 billion from larger rival MetroPCS Communications.

After a review of the all-stock bid, Leap said in a statement the deal was not in the best interests of the company and its shareholders. MetroPCS had bid 2.75 of its shares for each Leap share, or $69.03 per share based on Friday's closing price, according to Leap.

Sep 17, 2007, 05:17 AM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 89	Leap Wireless board rejects MetroPCS bid Source: News.com _______ Leap Wireless International said on Sunday its board of directors had unanimously rejected an unsolicited bid worth more than $5 billion from larger rival MetroPCS Communications. After a review of the all-stock bid, Leap said in a statement the deal was not in the best interests of the company and its shareholders. MetroPCS had bid 2.75 of its shares for each Leap share, or $69.03 per share based on Friday's closing price, according to Leap.