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.
MCI Chooses Verizon
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March 29, 2005 10:55 AM
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It is interesting to read about Quest's offer for MCI. They talk about twice as much savings and 15,000 job cuts, but they never seem to mention how they are going to use this acquisition to compete and grow the business. Verizon on the other hand has the footprint and has the plan to leverage the acquisition and grow the business. If I were an MCI shareholder, I would insist that the directors go forward with the Verizon deal and if I were an MCI employee, I would pray that Quest goes away. And, I don't work for Verizon....
I agree that Verizon will be a better partner for the long-term. I also think this merger will be bad for consumers and great for Verizon.