MetroPCS Shares Jump Before Paring GainsNick Turner
MetroPCS Communications Inc., which agreed in October to merge with Deutsche Telekom AG’s T-Mobile USA business, saw its stock jump the most in three months today.
MetroPCS shares rose as much as 5.7 percent to $10.09, the biggest gain since Oct. 2, before drifting down to close at $9.73. The stock has declined 2.1 percent this year.
The Richardson, Texas-based company had been the center of deal discussions with at least eight companies before the agreement with T-Mobile, raising the possibility that someone will offer a counterbid to the T-Mobile offer. Chief Executive Officer Roger Linquist said last month that MetroPCS shares were undervalued.
While Linquist said he was focused “100 percent” on the T-Mobile deal, he expected additional mergers to happen in the industry. “Consolidation has to happen at some point,” Linquist said in an interview at the time.