MCI's Price Goes Up.

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David Sims
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MCI's Price Goes Up.

Looks like Qwest's hyperdesperate efforts to acquire MCI are going to cost Verizon a bit more cash when they finally get it.

The fight to take over MCI Inc. intensified on Saturday after the long-distance firm's board said that Qwest Communications International's recently revised $9.7 billion bid is superior to its acquisition agreement with Verizon Communications.

The bid by Qwest, worth $30 a share, sends Verizon back to the drawing board if it wants to hold onto MCI with its $7.6 billion agreement, worth $23.10 a share.

Qwest on Thursday said it was making its "best and final" offer for MC.

In a statement, MCI said Saturday that Verizon has five business days until April 29, to respond with a revised proposal.

During this time, Ashburn, Va.-based MCI added that it will continue to recommend its agreement with Verizon.

A call to a Verizon spokesman wasn't immediately returned. The company asserted Thursday following Qwest's latest bid that it still believes it's the best merger partner for MCI.

MCI has twice before rejected bids by the Denver-based regional phone company in favor of offers from Verizon, seeing the latter as a more attractive partner.



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