Tuesday October 21, 2014

Sprint board vetoes bid to buy MetroPCS

Sprint Nextel’s board vetoed a multibillion-dollar acquisition of MetroPCS, a deal expected to be announced as early as this week.

Reuters sources are reporting that Sprint Nextel Corp’s board of directors vetoed a multibillion-dollar acquisition of smaller competitor MetroPCS Communications late last week. According to the wire service, the surprise move “could throw the future of Sprint CEO Dan Hesse into question.” The deal, which was weeks in the making, was expected to be announced as early as this week. “Sprint’s board and management decided to pull out because it was not the right time to do the deal,” the Reuters source added.

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