MetroPCS hires bankers to advice on Leap acquisition (USA)

www.WirelessFederation.com/news: Investment bankers have been hired by US-based pre-paid specialist MetroPCS to advise it on the potential acquisition of Leap Wireless. Earlier it was publicly admitted by Leap Wireless that it has appointed Goldman Sachs and Morgan Stanley to advise it on a sale as it looks for potential suitors.

In the past also, moves were prepared by MetroPCS for Leap making a USD5.5 billion all-stock takeover offer in September 2007, offering 2.75 of its own shares for every Leap share.

However, the offer was rejected by the board members of Leap Wireless saying it undervalued the company. JP Morgan Chase and Co has been approached by MetroPCS this time in an effort to facilitate a mutually agreeable deal this time around.