Even as Arch Wireless Inc. negotiates with its bondholders, a major shareholder opposes Arch’s proposed restructuring plan and may look to seize control of the company. And to add to the already complex situation, beleaguered Arch might bid for another struggling paging company, said a Street source. Said the source, “The most likely outcome would be a merger between [Alexandria, Va.-based] Metrocall [Inc.] and Arch.” Consolidation is the only way the paging/messaging industry will survive, he remarked. The source, who requested anonymity, did not give a time frame for the possible merger.
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