The merger of regional carrier MetroPCS with T-Mobile, the fourth largest wireless carrier in the US, came one step closer Wednesday after shareholders in the Richardson, Texas-based carrier approved the merger at a meeting. T-Mobile is owned by Deutsche Telekom, which bowed to shareholder pressure earlier this month, delaying the vote on the proposed merger while it reworked the loan it was proposing to offer the newly combined company. Under the new proposal, Deutsche Telekom will loan the new entity $11.2 billion instead of $15 billion and the interest rate was cut in half.
The Allied Pilots Association on Friday ratified a new collective bargaining agreement with American Airlines' parent company, AMR Corp., possibly paving the way for the carrier to emerge from bankruptcy and pursue a merger with US Airways. The union had rejected a deal from AMR back in August, but approved the latest offer with nearly 73 percent of its 8,000 members supporting it. American Airlines issued a statement applauding the ratification of the new labor deal, saying it will give the company the stability it needs to come out of bankruptcy and restructure. AMR has been ordered by the bankruptcy judge to reorganize by no later than March.
American Airlines and US Airways announced on Friday they have begun discussing a possible merger. The announcement comes after several months in which American rebuffed US Airways' requests for merger negotiations and American approaches its ninth month of bankruptcy protection. But, according to Friday's announcement, the two have signed a non-disclosure agreement allowing them to share non-public information, making serious merger talks possible.
Burger King returned to the New York Stock Exchange on Wednesday, with shares gaining as much as 11 percent during the session before settling for a gain of 3.4 percent on the day. Based in Miami, the fast food chain had been a privately held company since 2010, when private equity fund 3G Capital Management acquired the chain for $3.25 billion and took it private.
It appears as if a bidding war may be looming for enterprise software developer Quest Software on Thursday revealed it had received a higher bid from a so-called “strategic bidder.” The company had received an offer of $23 a share back in April from Insight Venture Partners, a private equity firm, but says that the new offer was for $25.50 a share. The company's stock rose nearly ten percent on the news, climbing to over $26 a share by Thursday's close.
Shares of auto parts retailer Pep Boys fell sharply on Wednesday after the chain announced it has ended negotiations with Gores Group LLC, who questioned a proposed $1 billion price tag for the auto parts chain after its latest quarterly earnings fell well short of Wall Street expectations. The stock plunged more than 20 percent just minutes into Wednesday's trading session, though they rebounded as the day went on. With about an hour left in the session, the shares were down about 19.66 percent at $8.91 a share.
According to a series of reports from tech sector insiders, Dell Inc. is nearing an agreement in which it will acquire Quest Software Inc, with an announcement possible before the end of the Memorial Day Weekend. The fact that negotiations are being held during the holiday weekend, some inders say, is evidence that the talks are in the final stages.
AMC, the United States' second largest theater chain, was sold Monday to a Chinese company called Wanda for a reported $2.6 billion price tage. The deal will create the world's largest theater group, and will be the highest corporate takeover of a US company by a Chinese firm in history. The deal is subject to approval from regulators in both countries, and illustrates the growing financial muscle of China's top companies.
Express Scripts Inc said on Wednesday it expects to get a ruling from the Federal Trade Commission as soon as Friday on its bid acquire Medco Health Solutions Inc. Shares of both companies were up slightly on the news. Medco shares reached their highest value in more than 8 years after the company said it expects the deal to close by next week. The FTC is reportedly looking into antitrust concerns over the merger, and may impose conditions on the $29 billion deal.
United Parcel Service announced on Monday it has finalized details for an offer to acquire Dutch rival TNT Express, for which it will pay $6.8 billion. The Atlanta-based parcel icon will pay $12.50 per share for its Dutch rival, which is about 50 percent higher than it originally offered back on February 16th when its first offer was made. According to Monday's announcement, the offer has been approved by TNT's upper management and board of directors, and will be put to a vote by its shareholders sometime in the next few weeks.