AT&T Drops $39B T-Mobile Bid Amid Antitrust Scrutiny

Law360, New York (December 19, 2011, 5:18 PM EST) -- Facing antitrust opposition from U.S. regulators, AT&T Inc. abandoned its $39 billion bid to acquire T-Mobile USA Inc. from Deutsche Telekom AG on Monday and said it would set aside $4 billion to cover the breakup fee.

While AT&T has long said that the deal was a good solution to its need for more wireless spectrum to compete in the market, the transaction faced strong opposition from the U.S. Department of Justice and the Federal Communications Commission.

On Monday, AT&T emphasized that the T-Mobile merger would...
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