Yay! AT&T drops bid for T-Mobile.

It started this morning with rumors of AT&T abandoning its bid, leading to this afternoon's announcement after the closing of the US stock markets, that AT&T was abandoning its bid for T-Mobile.

Once the FCC filed notice of its intent to oppose the merger, combined with the upcoming trial with the DOJ's lawsuit, I think the writing was already on the wall.  Which is why I didn't hold back when I signed up for another 2-year contract with T-Mobile, last month, when I bought my GS-II.

AT&T needed more spectrum, but it didn't need to buy out T-Mobile to gain that spectrum.  This was a point made quite clear when Verizon purchased extra spectrum from cable companies for 1/10th the value of AT&T's valuation of its attempted buyout of T-Mobile.  Verizon's actions made AT&T look flat out stupid.

Here's to hoping that T-Mobile will be able to stabilize, now that it will get some cash and spectrum from AT&T.