That kind of smells like BS to me (not from you, but from your contacts, or your contact's contacts)... There's an OFFICIAL offer out there from MetroPCS which would give them a 64% ownership in the merged corporation. Unless Leap has some magical cash stash that they can use to pay down their debt, or otherwise increase the value of their company, there's no way they can make up the 14% difference (bear in mind, we're talking about a difference of BILLIONS of dollars).
The only other way to make up that 14% difference is if metro were to change the structure of their offer, which would effectively LOWER what they were offering to pay. If they lowered their offer by 14%, the leap shareholders would be receiving less than the current value of their shares for the purchase, and thus, it would never get past the shareholders approval vote.
If this does go through, what was initially reported will be VERY close to what happens. Corporate mergers don't work the same way as buying a car, where you can negotiate the price up or down by a significant amount.