The PMs of a $4.5-billion, four-star, silver-rated
mutual fund are trying to stop the merger of cell phone networks MetroPCS and Deutsche Telekom's T-Mobile USA.
Tiernan Ray of Barron's reports
that Roy Behren
and Mike Shannon
of Westchester Capital
] Merger Fund
are waiting for a response from Deutsche Telekom, which may come ahead of a PCS shareholder vote scheduled for Friday. Behren and Shannon's fund sued on March 28 in the U.S. District Court for the Southern District of New York, claiming that the deal "undervalues MetroPCS on a standalone basis, and does not reflect the recent strong 2012 financial performance." Their fund holds about three percent of the outstanding shares of MetroPCS.
"It's been unusually quiet, to be honest with you, and I'm rather surprised the defendants haven't appeared yet," Behren told Barron's
. "They haven't reached out to use once."
Neil Anderson, Managing Editor
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