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MCI Gets a Deadline From Qwest

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Qwest Communications has given MCI until April 5 to decide whether or not it wants to accept its offer.

Qwest’s takeover offer for MCI is $8.45 billion. Qwest sent MCI a letter saying again how its bid is superior to Verizon’s which MCI already accepted.

A Bloomberg article says:

“Denver-based Qwest issued the ultimatum after increasing its financing for the bid by $500 million to $5.75 billion. Qwest Chief Executive Officer Richard Notebaert outlined the terms in a letter to MCI executives that was filed with the U.S. Securities and Exchange Commission.

Notebaert wants to derail MCI’s February agreement to be bought by Verizon Communications Inc., the largest U.S. local- phone company, for $6.75 billion. Ashburn, Virginia-based MCI held on-again off-again discussions with Qwest after its shareholders said the Verizon bid was too low.”

“It’s forcing Verizon to step to the plate,” said Tim Gilbert of Principal Global Investors. “We finally have an end in sight.”

Qwest has already raised its offer twice.

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MCI Gets a Deadline From Qwest
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