Qwest Sees Verizon’s Offer and Raises It $1.7 billion

Qwest Communications has increased its offer for MCI to $8.5 billion in an attempt to outbid Verizon.

The offer values at about $1.7 billion more than MCI’s deal with Verizon.

According to a Channel News Asia article,

“As revised, Qwest said its 26-dollar-a-share bid carries a value more than 25 percent higher than the 20.75-dollar-a-share offer to which MCI has agreed with Verizon Communications, according to a filing that Denver-based Qwest made with the Securities and Exchange Commission.

MCI quickly responded, saying that it would conduct a “thorough review” of Qwest’s latest offer and that its board would have a response by the close of business on March 28.”

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