Shareholders of MetroPCS Communications Inc. (NYSE: PCS) received a better offer from T-Mobile USA and its Germany-based parent Deutsche Telekom AG last night, and two of Metro’s largest shareholders have reversed their previous positions and now say that they will vote in favor of the acquisition.

DT’s new offer includes a $3.8 billion cut in the amount of debt that will be settled on the merged T-Mobile/MetroPCS. DT had originally said it would saddle the merged company with $15 billion in debt.

The interest rate on the debt will also be cut by one-half point and DT has extended the length of time it will remain an investor in the merged company from 6 to 18 months. The cash payment of about $4 per share of MetroPCS was left unchanged.

The two hedge funds originally opposed to the deal, Paulson & Company and P. Schoenfeld Asset Management, now say they will vote in favor of the merger. Proxy advisory firms Glass Lewis and ISS had both recommended that the original deal be rejected.

A special shareholders meeting scheduled for tomorrow has been rescheduled for April 24th.

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