If MCI finds Qwest’s Offer Superior, Verizon Will Back Down
Verizon has said that it will back out of its deal with MCI if MCI’s board decides that Qwest’s offer is superior.
Verizon wrote a letter to MCI defending its offer against Qwest’s calling Qwest’s offer “inferior”.
The letter says:
On April 1, 2005, Qwest accused your Board of Directors of demonstrating “favoritism” and of “tilt[ing] the regulatory playing field … in a dubious example of corporate governance.” Although we believe the true facts will be revealed in due course, we nevertheless feel compelled to write to set the record straight.
We observe that MCI’s Board appears to have devoted an extraordinary amount of time and energy to both understanding the industrial dynamics confronting MCI and evaluating alternatives available to it. We believe the decision to join with Verizon represents the most sensible course for MCI and its stakeholders.
The letter goes on to say “we would no longer be interested in participating in such a process,” if MCI considers Qwest’s offer to be superior.
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