According to the latest article, combined revenue is about $25 billion for the two merged company. If we give no credit to Tmobile's bussines and assign a 0.9x valuation to the revenue (PCS is currently having a 0.9x valuation) we get a market cap of $22.5 billion (VZ currently has a 1.15x and AT&T has 1.72x market cap/revenue), MetroPCS current shareholders' take would be $5.85 billion, divide that by 365 million shares outstanding, that's $16.03/share, plus the additional $4/share, the fair value for the current MetroPCS share should be around $20/share...
I do not know if your math is wrong, I am long PCS and I hope its right.
However, "Mr. Market" says your math is wrong.
10/2 close was $13.57.
We are down about $0.71, to about $12.85. Either Mr. Market does not understand this deal or has a different valuation of it than you do. Linquist still owes about 5.3M shares of PCS, so I do not think he would do anything stupid. Yesterday I thought PCS was worth about $14.50 a share. Interesting to see where we close today.
It seems like Mr. Market is valuating the MetroPCS/Tmobile company with a Sprint multiple, which is under 0.5x to its revenue. People forget that AT&T just recently offered $39 billion for Tmobile USA alone, even if one discount that by 50%, the new company would still worth $23.5 billion when adding PCS current market cap of $4+ billion.