Leap rejects MetroPCS offer (USA)The board of Leap Wireless International has rejected a USD5.5 billion all-stock takeover offer from rival US cellco MetroPCS. Leap says the USD69.03 per share offer is ‘inadequate’ and that it is ‘not in the best interests of Leap and our shareholders’. A statement from Leap says the MetroPCS valuation fails to take into account Leap’s ‘robust’ growth prospects. It goes on to state that Leap has in the past attempted to open talks over a possible merger or strategic collaboration with MetroPCS, but its moves were rejected. MetroPCS maintains that its offer is fair and says it has received a favourable response from some Leap shareholders.
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