out of all the merger arbs I have been in this one seems to be very complicated. from the bits of info I collected the deal seems to be done.(if anybody has more info please add). So how can there be other bidders? the reverse split buy back and then some strange number of shares for the new merged company? seems like even the experts dont know what to make of it. I got in @ 7.50 and was looking to get out at 12.
Yes, the deal is very complicated. From what I understand it is being held up by the FCC, pending approval. You can search MetroPCS on their website and find some relative documents. I guess the chance that the deal can be disapproved is what gives rise to the notion of other bidders. Notice of FCC approval should elevate the stock price a little closer to the value of the deal.
I would have been happy with a $3 or $4 special dividend before Dec 31, 2012, since they have $7.05 per share cash; and then let them truck on.