AT&T’s planned $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 servicesThis news comes when the Department of Justice filing an injunction against the proposed takeover of T-Mobile by AT&T. AT&T hasn’t wasted a moment though already releasing a statement promising to vigorously fight the DOJ action and also take over the world. Wayne Watts, AT&T Senior Executive Vice President and General Counsel issued the following statement:
“We are surprised and disappointed by today’s action, particularly since we have met repeatedly with the Department of Justice and there was no indication from the DOJ that this action was being contemplated.We plan to ask for an expedited hearing so the enormous benefits of this merger can be fully reviewed. The DOJ has the burden of proving alleged anti-competitive affects and we intend to vigorously contest this matter in court. At the end of the day, we believe facts will guide any final decision and the facts are clear.
Source: Justice Gov