Regional cell phone operator MetroPCS Communications bid Tuesday to buy competitor Leap Wireless International in a deal worth more than $5 billion in stock.
MetroPCS, which went public in April, said in a press release Tuesday that it would offer 2.75 of its shares for each outstanding common share of Leap. This represents a value of $75.05 based on Friday's closing price and is only 3 percent higher than Leap's closing price on Friday.
MetroPCS also said it would refinance $2 billion of Leap's debt as part of the deal.
"We believe that the … Read more