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Qwest Ignored; MCI Dotes On Low-Balling Verizon

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Though Qwest Communication International was knocking at MCI’s door all dressed up with flowers and a wad of cash, MCI opened the door wider to reveal Verizon standing inside with a canary-eating grin on his face.

The two telecommunication suitors, who have been in a bidding war for MCI for three months now, ping-ponged back and forth with billion dollar offers, both promising good faith dealings.

While Qwest offered $9.85 billion at $30 a share to Verizon’s $8.5 billion at $26, MCI shareholders believe Verizon to be a better deal.

Shareholders said the opinion was based on Qwest’s shaky financial history, a tale that is full of debt and an uncertain future. They seem to view tried-and-true telecom giant Verizon as a more attractive prospect, despite the smaller engagement ring.

“From the standpoint of risk versus reward, Verizon’s revised offer presents MCI with a stronger, superior choice,” Nicholas Katzenbach, MCI chairman, said in a statement.

He continued to say that a number of MCI’s most important clients preferred the deal proffered by Verizon and threatened to take away their business if Qwest was chosen.

Qwest Ignored; MCI Dotes On Low-Balling Verizon
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