NEW YORK (AP) — Proxy advisor Glass Lewis says shareholders of cellphone carrier MetroPCS Communications Inc. should vote against the company’s merger with larger rival T-Mobile USA because the offer undervalues the company.
Institutional Shareholder Services, another influential advisory firm, published a similar recommendation on Wednesday. That prompted a rise in MetroPCS share price, as investors started to anticipate a sweetened deal. The stock market was closed Friday.
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