Leap Wireless to consider MetroPCS proposal; CFO resigns

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Leap Wireless International, Inc.'s board of directors will review the unsolicited Sept. 4 proposal from MetroPCS Communications, Inc. with the assistance of Goldman, Sachs & Co., Jeffrey Williams & Co. LLC, Wachtell, Lipton, Rosen & Katz, and Latham & Watkins, LLP.

In an unrelated move, Leap's chief financial officer Amin Khalifa resigned from the company "to pursue other interests," according to a company news release. Doug Hutcheson, Leap's chief executive officer and president, as well as the former CFO, will assume the additional duties of interim CFO.

The MetroPCS proposal calls for each outstanding share of Leap common stock to be exchanged for 2.75 shares of MetroPCS common stock for an estimated value of $77.89 per share. It was previously reported that the total equity value of the deal is $5.5 billion including $2.0 billion of Leap's existing debt.

MetroPCS, in an open letter to Leap's stakeholders, said it is "prepared to move very promptly to undertake the necessary due diligence and negotiate and finalize a transaction."

MetroPCS is a Dallas-based wireless communications service provider.

San Diego-based Leap is also a wireless services provider.

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