MetroPCS shareholders approve T-Mobile offer

MetroPCS shareholders approve T-Mobile offer
NEW YORK (AP) - MetroPCS Communications Inc., the country's fifth-largest cellphone carrier, says its shareholders have approved the company's takeover by No. 4 T-Mobile USA.

The deal is intended to produce a stronger combined company. By combining the space allocated to each company on the airwaves, the new company should be able to deliver faster wireless data downloads, a crucial competitive factor.

The approval at a Wednesday's special shareholder meeting in Richardson, Texas, came after T-Mobile USA sweetened its bid. Its initial offer was approved by MetroPCS' board, but shareholders and shareholder advisory firms called it inadequate.

The deal gives MetroPCS shareholders 26 percent of the combined company. Shareholders of T-Mobile's German parent, Deutsche Telekom AG, will own the rest.