Qwest Getting The Time Of Day From MCI

Get the WebProNews Newsletter:

[ Business]

MCI has apparently decided to reopen talkes of a merger with Qwest communications who has been battling with Verizon for the company.

Thursday, Qwest made an $8.9 billion offer for MCI giving the company a deadline of Monday to respond. Just before that, MCI accepted a $7.65 billion offer from Verizon.

A New York Post article says:

“MCI had rejected four previous Qwest offers and the long-distance company’s board this week reiterated its desire to merge with Verizon even though its latest bid – $7.6 billion – is well below rival Qwest’s.

The board has steadfastly clung to the Verizon offer, saying its stronger balance sheet provided MCI shareholders with a better chance of seeing their shares increase.”

It will be interesting to see what Verizon’s next move is.

According to a Washington Post article,

“MCI’s stock price rose for a fourth straight session on Friday — to a level nearly 10 percent higher than the price Verizon has agreed to pay — as investors again speculated that either Verizon will be forced to boost its bid again, or that Qwest might pull off an upset in the two-month tussle.

But rather than bidding higher, Verizon could try to halt the bidding by triggering a provision in its agreement with MCI that would require a straight vote by MCI shareholders on the current deal.”

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.

Qwest Getting The Time Of Day From MCI
Comments Off
Top Rated White Papers and Resources

Comments are closed.

  • Join for Access to Our Exclusive Web Tools
  • Sidebar Top
  • Sidebar Middle
  • Sign Up For The Free Newsletter
  • Sidebar Bottom