Tuesday has two merger rumors out from reports today and the shares are surging on the news. We are seeing MetroPCS Communications Inc. (NYSE: PCS) and Illumina Inc. (NASDAQ: ILMN) on the run so far today.
MetroPCS Communications Inc. (NYSE: PCS) is now more than 18% higher to $13.59 after a circuit-breaker was triggered. A report from Bloomberg came out that Deutsche Bank's T-Mobile is close to acquiring the prepaid and no-contract cellular carrier. MetroPCS is currently worth about $4.6 billion for its market capitalization rate. As a reminder, this is a cause-and-effect possible deal. Sprint Nextel Corp. (NYSE: S) had tried to do a deal but Dan Hesse was blocked. Shares of rival Leap Wireless International Inc. (NASDAQ: LEAP) are also up 13% at $7.93. It is worth almost $640 million in market capitalization.
Illumina Inc. (NASDAQ: ILMN) is trading higher after a report from the UK Times. It said Roche's walk away attitude may no longer be the case as it thinks that Roche may make an offer as high as $60 per share, rather than the $51 previously offered. Illumina shares are trading up 7% at $52.46 and its market value is $6.3 billion. As a reminder, Roche walked away from a deal for not wanting to raise its price earlier this year.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Active Trader, Mergers & Acquisitions, Mergers and Buy Outs, Rumors Tagged: ILMN, LEAP, PCS, S