AT&T’s proposed $39 billion takeover of T-Mobile hit a major snag on Wednesday when the U.S. Justice Department filed to block the merger.
The Justice Department is arguing that the takeover would violate antitrust laws and “would substantially lessen competition for mobile wireless telecommunications services across the United States, resulting in higher prices, poorer quality services, fewer choices and fewer innovative products for the millions of American consumers who rely on mobile wireless services in their everyday lives.” (For the full complaint, see below.)
AT&T released a statement saying it was “surprised” by the decision and vowed to “vigorously contest this matter in court.”
The company, which announced the proposed takeover in March, saw its stock price go down 5% this morning after the news broke.
What do you think about the Justice Department’s move? Let us know in the poll below:
Is the U.S. Government right to try to block the AT&T/T-Mobile merger?
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Posted on Wed, 31 Aug 2011 14:54:35 +0000 at http://mashable.com/2011/08/31/u-s-seeks-to-b-att-t-mobile-merger-report/
Comments: http://mashable.com/2011/08/31/u-s-seeks-to-b-att-t-mobile-merger-report/#comments
The Justice Department is arguing that the takeover would violate antitrust laws and “would substantially lessen competition for mobile wireless telecommunications services across the United States, resulting in higher prices, poorer quality services, fewer choices and fewer innovative products for the millions of American consumers who rely on mobile wireless services in their everyday lives.” (For the full complaint, see below.)
AT&T released a statement saying it was “surprised” by the decision and vowed to “vigorously contest this matter in court.”
The company, which announced the proposed takeover in March, saw its stock price go down 5% this morning after the news broke.
What do you think about the Justice Department’s move? Let us know in the poll below:
Is the U.S. Government right to try to block the AT&T/T-Mobile merger?
Complaint(function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })();
More About: att, T-Mobile, trendingFor more Business & Marketing coverage:Follow Mashable Business & Marketing on TwitterBecome a Fan on FacebookSubscribe to the Business & Marketing channelDownload our free apps for Android, Mac, iPhone and iPad
Posted on Wed, 31 Aug 2011 14:54:35 +0000 at http://mashable.com/2011/08/31/u-s-seeks-to-b-att-t-mobile-merger-report/
Comments: http://mashable.com/2011/08/31/u-s-seeks-to-b-att-t-mobile-merger-report/#comments