Who will buy cricKet?
Discount wireless phone service provider MetroPCS Communications Inc. on Tuesday offered to buy rival Leap Wireless International Inc. in a stock deal valued at about $5.12 billion.
MetroPCS, which offers prepaid phone plans, said it would also assume or refinance $2 billion of Leap debt as part of the transaction.
The company offered to pay 2.75 shares of its stock for each share of Leap. Based on the $27.29 closing price of MetroPCS shares on Friday, 2.75 shares would be worth about $75.05. That represents a premium of 3 percent to Leap's closing price of $72.50 on Friday. With about 68.2 million Leap shares outstanding at Aug. 3, the MetroPCS offer would be worth about $5.12 billion.
Based on the average weighted price...