NEW YORK ( TheStreet) --Shares of MetroPCS Communications Inc. (PCS) slipped in mid-day trading after jumping last week following a recommendation from Institutional Shareholder Services Inc. to vote against the telecom provider's announced merger with T-Mobile USA Inc.
PCS fell 0.1% to $10.89 after adding 4% on Thursday after the ISS recommendation.T-Mobile USA chief executive John Legere had suggested MetroPCS shares would drop if the deal were scuttled.
The transaction would pay MetroPCS investors $4.08 in cash and give them, collectively, 26% of the equity in the combined company. The new telecom would have more than $20 billion in debt, including a $15 billion note provided by T-Mobile USA parent Deutsche Telekom AG.
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