Sprint Board Walked Away From MetroPCS Takeover

Sprint Nextel Corp.’s board explored but rejected a multibillion-dollar deal to acquire smaller wireless rival MetroPCS Communications Inc., people familiar with the matter said.

MetroPCS, which provides cellular service to 9.3 million customers, had a market value of about $4.3 billion as of Friday’s closing price. Its shares gained 6.4% to $12.78 in after-hours trading on news of the talks.

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