MCI Chooses Verizon

Rich Tehrani : Communications and Technology Blog -
Rich Tehrani
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MCI Chooses Verizon

The latest offer accepted by MCI values the company at roughly $7.6 billion, but it's still below Qwest's latest offer of $8.45 billion in cash and stock.

"We believe our agreement with MCI represents superior value and is a compelling proposition for MCI's shareholders, customers, employees and creditors," Verizon Chief Executive Ivan Seidenberg said today.

Qwest has argued that its deal will generate more than twice as much savings as Verizon has promised, and that a Qwest-MCI deal would raise fewer objections from government officials concerned about lost competition. The savings include up to 15,000 job cuts, or more than twice as many as Verizon plans.

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