$PCS Ticks Lower as Reuters Reports that $S is Unlikely to Make a Counter Offer

“(Reuters) – Sprint Nextel Corp (S.N) is unlikely to make a counteroffer for MetroPCS Communications Inc <PCS.N, as it focuses on closing its $20.1 billion deal with Japan’s Softbank Corp (9984.T), three people familiar with the matter said on Monday.

Sprint, the third-largest U.S. wireless service provider, and Softbank, a mobile operator, announced in mid-October that the Japanese company would buy up to a 70 percent stake in Sprint.

Sprint thinks that making a bid for MetroPCS, which agreed to a takeover by Deutsche Telekom AG’s (DTEGn.DE) T-Mobile U.S.A., would complicate the ongoing regulatory review of its deal with Softbank, the people said.

Sprint, however, remains interested in U.S. consolidation and may revisit a potential deal after it secures approval for the proposed investment by Softbank, the people said. The people asked not to be named because the matter is not public.”

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