AT&T Cancels Bid For T-Mobile

After nine months of AT&T fiercely defending its $39 billion bid for T-Mobile USA in public and in court, the company finally agreed on Monday to end its takeover effort. When a hotly contested $39 billion takeover falls apart, plenty of parties will have something to say. And so AT&T’s decision drew a slew of responses from the deal’s chief opponents, including government regulators and corporate rivals like Sprint Nextel.

Both companies are in agreement that the broad opposition by the U.S. Department of Justice (DOJ) and the U.S. telecommunications regulator (FCC) is making it increasingly unlikely that the transaction will close. Both companies are of the opinion that important arguments in support of the transaction have been ignored, such as the significant improvement in high-speed mobile network coverage for the U.S. market, as well as the positive employment effects. In addition there was no indication that either authority would move away from its non-supportive stance in return for concessions from the parties in terms of the scope and structure of the transaction.

This is the right decision for consumers, competition and innovation in the wireless industry. From the beginning, Sprint has stood with consumers who spoke loudly and clearly that AT&T’s proposed takeover of T-Mobile would create an undeniable duopoly that would have resulted in higher prices, less innovation and fewer choices for the American consumer.

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AT&T Cancels Bid For T-Mobile

AT&T Cancels Deal to Buy T-Mobile: