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Submitted: September 17, 2007 - 11:32am
Last updated: February 21, 2008 - 9:06am
Last updated: February 21, 2008 - 9:06am
LEAP WIRELESS REJECTS TAKEOVER BID
[SOURCE: New York Times, AUTHOR: Michael J de la Merced]
Leap Wireless International, the prepaid cellphone service provider, said yesterday that its board had rejected an unsolicited takeover offer from MetroPCS. MetroPCS, another prepaid service provider, offered on Sept. 4 to buy Leap in an all-stock deal that would almost double its customer rolls and expand its reach throughout the country. But since MetroPCS’s announcement, Leap’s stock has traded above the offer price, indicating that investors expect a higher offer. In a letter to the chairman and chief executive of MetroPCS, the chief executive of Leap, S. Douglas Hutcheson, said that the takeover offer undervalued Leap’s revenue and growth prospects.
http://www.nytimes.com/2007/09/17/technology/17leap.html?ref=todayspaper
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* Leap Wireless rejects bid from MetroPCS
http://www.latimes.com/business/printedition/la-fi-leap17sep17,1,4000315.story?coll=la-headlines-pe-business
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