Gutsy timing. On the day that market participants return to their desks after a seriously turbulent summer, MetroPCS springs a hostile-looking bid for cellular rival Leap Wireless.

The bid is more measured than it might initially appear. First, the unsolicited offer was pitched at a tiny 4 per cent premium to Leap’s share price. Second, it is all paper, so MetroPCS does not need access to fickle credit markets to pull it off. Third, the deal has long made sense for both sides.