MetroPCS Withdraws Leap Bid

MetroPCS Communications Inc. on Thursday withdrew its unsolicited bid for rival Leap Wireless International Inc.

Dallas-based MetroPCS on Sept. 4 offered to merge with Leap, a move that would have created a fifth national wireless carrier. The deal would have been valued at about $5.5 billion, with MetroPCS assuming $2 billion of Leap Wireless debt.

But, despite what MetroPCS called “widespread investor and analyst enthusiasm” for the proposed stock-for-stock, tax-free merger, the company could not get Leap to engage in “meaningful negotiations.”

Leap Wireless stock was down 5.76 percent to $67.20 just before the market was set to close, while MetroPCS shares had fallen 8.49 percent to $20.59.

Leap Wireless International Inc. www.leapwireless.com
MetroPCS Communications Inc. www.metropcs.com