Leap Wireless board rejects MetroPCS bid
 

*Source: News.com (http://www.news.com/Leap+Wireless+bo...tag=nefd.top)*
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Leap Wireless International said on Sunday its board of directors had unanimously rejected an unsolicited bid worth more than $5 billion from larger rival MetroPCS Communications.

After a review of the all-stock bid, Leap said in a statement the deal was not in the best interests of the company and its shareholders. MetroPCS had bid 2.75 of its shares for each Leap share, or $69.03 per share based on Friday's closing price, according to Leap.

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