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SOURCE P. Schoenfeld Asset Management (PSAM)
NEW YORK, March 21, 2013 /PRNewswire/ -- P. Schoenfeld Asset Management LP ("PSAM") and its investment advisory clients, which together are significant shareholders of MetroPCS Communications, Inc. ("PCS" or the "Company") with an aggregate position of over 9,230,000 shares or almost $100 million in value at current prices, today posed the following crucial questions to PCS regarding its proposed transaction (the "Proposed Transaction") with T-Mobile USA, Inc. ("T-Mobile") in order to give sufficient information and full transparency to PCS shareholders prior to the very important shareholder vote on April 12, 2013.
1 The comparable index is based on a market cap weighted index of the comparable companies included on slide 43 of PSAM's Analysis of the Proposed Transaction, which was filed with the SEC on March 18, 2013, and is available at www.innisfreema.com/pcs. The comparable companies include: AT&T, Leap Wireless, nTelos, Sprint, Verizon, U.S. Cellular and Atlantic Tele-Network.
We hope that PCS will promptly answer these critical questions in order to provide full transparency to PCS shareholders prior to the very important special meeting of PCS shareholders scheduled for April 12, 2013 to vote on the Proposed Transaction.
On March 12, 2013, P. Schoenfeld Asset Management LP, P. Schoenfeld Asset Management GP LLC and Peter M. Schoenfeld (collectively, the "PSAM Group") filed with the Securities and Exchange Commission (the "SEC") a definitive proxy statement (the "Definitive Proxy Statement") relating to the solicitation of proxies by the PSAM Group from stockholders of MetroPCS Communications, Inc. ("MetroPCS") in connection with the special meeting of stockholders to be held on April 12, 2013 to vote upon matters relating to the proposed combination of MetroPCS with T-Mobile USA, Inc. STOCKHOLDERS OF METROPCS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC RELATING TO SUCH SOLICITATION CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH SOLICITATION. The Definitive Proxy Statement and form of WHITE proxy card will be furnished to some or all of the stockholders of MetroPCS and will, along with other relevant documents filed with the SEC, be available free of charge at the SEC's website at http://www.sec.gov. In addition, the PSAM Group will provide copies of the Definitive Proxy Statement and accompanying WHITE proxy card without charge upon request.
P. Schoenfeld Asset Management LP (together with its affiliates, "PSAM") was founded by Peter M. Schoenfeld and has been providing investment advisory services since 1997. PSAM invests on behalf of its clients in both equity and credit securities in global event driven opportunities, including: international consolidations, corporate restructurings, spin-offs, divestitures, and stressed and distressed credits. PSAM has offices in New York and London, which are registered with the SEC and authorized and regulated by the FSA, respectively.
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