ISS has followed fellow proxy advisor Glass Lewis and endorsed Deutsche Telekom’s revised offer for MetroPCS. Both advisory firms had concluded the initial offer was not in the best interest of shareholders and had recommended to vote against it. In…
ISS has followed fellow proxy advisor Glass Lewis and endorsed Deutsche Telekom’s revised offer for MetroPCS.
Both advisory firms had concluded the initial offer was not in the best interest of shareholders and had recommended to vote against it.
In its latest guidance report on the improved bid to merge prepaid operator MetroPCS into T-Mobile USA, ISS said: “Given the reduced debt load that will be carried by the new company and the resulting appropriate equity split granted to PCS shareholders, and the increased commitment to the combined company exhibited by DT’s extension of the lockup period, support for the merger is warranted.”
The revised offer has also received the backing of activist shareholders P. Schoenfeld Asset Management (PSAM) and Paulson & Co, who were staunchly against DT’s first offer.
Investors will vote on the proposal on 24 April at an EGM.
