Home Page
An experienced guide to the world of finance
providing tools and information that help make
best financial decisions
My FinanceGates.com Register
 
Home  | News   |  Business News 



Market News Insurance Billing
Banking Business News World News
Funds Brokerage

Thursday March 31, 08:22
Qwest has new strategy in battle for MCI
(by Dr. Goldfinger)

Qwest has new strategy in battle for MCI

Qwest Communications seems to have a new counterbid plan for MCI, a company that accepted earlier a $7.64-billion takeover offer from Verizon.

Last week, Qwest hired the Altman Group, a New York proxy firm, that is expected to keep in touch with the shareholders of MCI and try to persuade them to turn to a very lucrative offer from Qwest.

On Tuesday, MCI accepted a $7.6 billion offer from Verizon Communications saying it is more attractive to it from the point of view of Verizon’s financial strength. The company is still considering the hostile offer from Qwest that amounts to $8.45 billion in cash and stock. The counterbid is nearly $1 billion higher than the Verizon’s offer accepted by the company. Earlier, Verizon allowed MCI to reconsider the counterbid before taking any decision.

"Right now, we think that the shareholders’ interests and our interests are aligned," said Qwest’s chief financial officer Oren Shaffer.

"We still believe our proposal creates superior value for shareowners. We are going to assess the situation and determine what is in the best interests of shareowners, customers and employees," said Qwest in its statement.

All business news
Read the related news and articles:
16 May 2005 10:59 AM MCI CEO Capellas tries to win support for Verizon’s takeover bid
03 May 2005 05:07 AM Verizon wins MCI battle
26 Apr 2005 08:52 AM Qwest can start tasting victory over Verizon in fight for MCI
25 Apr 2005 09:58 AM Qwest to close the happy end in fight for MCI
22 Apr 2005 07:52 AM Qwest raises its bid for MCI
 


   KEYWORD SEARCH

KEYWORDS:

   SUBSCRIPTION
Join FinanceGates.com mailing list and get news and financial advices on home finance, auto finance, insurances, funds, online payments and much more.


Copyright © FinanceGates.com - independent financial advice and personal finance advice, an InternetGates.com company, 2003-2012. All rights reserved.
Finance Gates provides personal finance advice on banking, insurance, investing and billing.
Reading materials of this site you can be sure that you get independent financial advice.