P. Schoenfeld Asset Management, PSAM, announced that Glass Lewis, a leading provider of corporate governance services to institutional shareholders, has recommended MetroPCS (PCS) Communications shareholders vote against the proposed transaction between PCS and T-Mobile USA (DTEGY). Glass Lewis is the second independent proxy advisory firm that has recommended PCS shareholders vote against the proposed Transaction. On March 27, Institutional Shareholder Services, ISS, issued a report advising its clients to vote against the Proposed Transaction also. In its report, Glass Lewis stated, "We believe MetroPCS shareholders could likely realize additional value in the short-term if the Company remained a standalone company, given its continued strong performance and prospects, conducted a proper competitive sale process seeking additional competitive takeover proposals or attempted to secure improvements in the deal terms with Deutsche Telekom and T-Mobile. In our view, all of these options are likely superior, from a valuation standpoint, than the proposed transaction as presently constructed."
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