Ooh, in your face, MetroPCS! Leap Wireless has rejected a multi-billion dollar stock swap proposed by its fellow regional carrier a couple weeks ago, citing... well, to be brief, a bum deal. MetroPCS was looking to trade each share of Leap for 2.75 shares of its own stock, a formula that actually values Leap at about $4.7 billion -- significantly below the $5.3 billion pegged the day merger discussions kicked off. Leap CEO Doug Hutcheson officially responded to the offer today, bluntly stating that it "dramatically undervalues" his company while citing Leap's strong growth, its prospects for future buildouts, and MetroPCS' infrastructure troubles in New York and Los Angeles as reasons why his shareholders deserve more bang for their buck. That being said, Hutcheson left room for further discussions; an eventual deal makes sense, considering that the two carriers' combined footprint would approximate that of a national carrier. Can MetroPCS pony up the requisite cash to be taken seriously here?