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Rating:Two PMs Sue to Block a Portfolio Company's Merger Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 11, 2013

Two PMs Sue to Block a Portfolio Company's Merger

News summary by MFWire's editors

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's [profile] 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." 

Edited by: Neil Anderson, Managing Editor

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