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Not sure if I am looking at this correctly, but here goes. Metro PCS will pay existing investors about 1.5B, so about \$4/share. MetroPCS will then own 26% of the merged company. Here is how I estimate the numbers.

If T-Mobile (DT) has a market cap of 12.6 (\$/share) X 4.3B Shares = \$54B.

MetroPCS will do a reverse split, so number of shares is cut in half. I read in the annual report that there are 1B shares authorized and about 360M outstanding. So does this mean there are about 640M shares currently owned. If they do a reverse split does this mean that this number of shares drops to 320M? If so would I then take 26% of T-Mobiles Market Cap of 54B = 14B to determine how much the investors will receive. Then to get what that means on a \$/share, would I take the 14B and divide by the number of shares owned (320M) after the split.

\$14B / 320M Shares = \$4/Share
\$1.5B / 360 = about 4\$/share

So are they saying the stock is worth about 8/share!?

Thanks,