DALLAS, Feb. 26, 2013 /PRNewswire/ -- MetroPCS Communications, Inc. (NYSE: PCS; "MetroPCS" or the "Company") today announced that it has scheduled its Special Meeting of Stockholders in connection with its proposed combination with T-Mobile USA ("T-Mobile") for March 28, 2013, and has filed its definitive proxy statement materials with the Securities and Exchange Commission. At the Special Meeting, MetroPCS stockholders of record as of January 31, 2013 will vote on matters relating to the combination of MetroPCS with T-Mobile. The combination of MetroPCS with T-Mobile will create the leading value wireless carrier in the United States, which will deliver an outstanding customer experience with a broad selection of affordable products and services. The combined company will be well-positioned from a competitive standpoint with significant spectrum holdings, deep nationwide network coverage and considerable network capacity. The combined company will have the scale, spectrum and financial resources to compete aggressively and successfully with the other larger U.S. wireless carriers. After a multi-year, thorough review of MetroPCS' options, with the assistance of independent financial and legal advisors, the MetroPCS board determined that this proposed combination is the best strategic alternative for MetroPCS stockholders. MetroPCS expects to commence mailing of the proxy statement and all relevant materials to stockholders immediately. The MetroPCS board unanimously recommends that MetroPCS stockholders vote FOR all of the proposals relating to the proposed combination with T-Mobile. For information regarding the proposed combination, please visit investor.metropcs.com. Along with the proxy materials, MetroPCS is mailing the following letter to its stockholders: Dear Fellow Stockholder: On March 28, 2013, MetroPCS Communications, Inc. ("MetroPCS") will hold a Special Meeting of Stockholders to vote on the proposed combination of MetroPCS with T-Mobile USA ("T-Mobile") to create the value leader in the U.S. wireless marketplace. MetroPCS stockholders of record as of the close of business on January 31, 2013 are entitled to vote at the Special Meeting. The MetroPCS board of directors has unanimously concluded that the proposed combination with T-Mobile is in the best interest of MetroPCS and its stockholders. After a multi-year, thorough review of MetroPCS' options, with the assistance of independent financial and legal advisors, the MetroPCS board determined that this proposed combination is the best strategic alternative for our stockholders. The immediate cash payment you will receive and the significant ownership interest you will hold in the combined company represent a substantial premium to MetroPCS' current stock price, and your ownership in the combined company will allow you to participate in the potential synergies and value created by this combination.
MetroPCS Communications (NYSE:PCS) hit a new 52-week high Thursday as it is currently trading at $16.62, above its previous 52-week high of $14.51 with 155,204 shares traded as of 9:31 a.m. ET. Average volume has been 10.6 million shares over the past 30 days.