March 14 MetroPCS Communications Inc
shareholder P. Schoenfeld Asset Management LP, which has been
opposing the company's merger with Deutsche Telekom's
T-Mobile USA, urged shareholders to vote against the deal.
The deal was approved by the U.S. Federal Communications
Commission on Tuesday and needs to clear the shareholder vote on
In a letter to MetroPCS shareholders, P. Schoenfeld Asset
Management, which had a 1.66 percent stake in the company as of
Dec. 31, termed the deal "irresponsibly and inefficiently
It said MetroPCS had more attractive options, including
continuing on a stand-alone basis.
P. Schoenfeld Asset Management said it was preparing a
"white paper" that would make a "compelling case" for voting
against the deal.
The shareholder vote is one of the last remaining obstacles
to the deal. While analysts had widely expected regulatory
approval for the deal, the outcome from the shareholder meeting
has been more difficult to predict.
P. Schoenfeld Asset Management also said it had hired
financial adviser Houlihan Lokey to help evaluate the deal.
MetroPCS shares were up less than a percent at $10.19 in
early trading on Thursday on the Nasdaq.