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Sprint board of directors shoots down CEO’s plan to buy MetroPCS

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While everyone’s attention was focused on AT&T’s takeover of T-Mobile U.S.A., Sprint was busy hammering out its own buyout deal with MetroPCS. According to CNBC, Sprint CEO Dan Hesse’s plan was to purchase MetroPCS for $8 billion in cash and stock. However, apparently hours before the deal was to be made final, Sprint’s board decided to scrap everything.

Sprint’s foiled takeover plans is going to be a hot topic going into next week. No one knows for sure why Sprint’s board did not back up its CEO. It’ll be even more interesting to find out why the board waited until the last minute to overrule Hesse as opposed to when Sprint first showed an interest in MetroPCS.

If the deal had gone through, MetroPCS shareholders would have owned around a third of the combined Sprint and MetroPCS.

Via [CNBC]

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