Leap Wireless Board Rejects MetroPCS Bid

Leap Wireless International said on Sunday its board of directors had rejected an unsolicited bid from larger rival MetroPCS Communications .

After a review of the all-stock bid worth more than $5 billion, or $69.03 per share, Leap said in a statement the deal was not in the best interests of the company and its shareholders.

In a letter to MetroPCS Chairman and Chief Executive Roger Linquist included in the statement, Leap said the bid was too low because it did not reflect the company's strong growth prospects and said Leap was better positioned than MetroPCS within the industry.