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Friday April 01, 07:11
Qwest hikes its bid for MCI
(by Olivia Cohen)

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Qwest hikes its bid for MCI Qwest Communications hiked its counterbid for MCI in an attempt to grab the company that agreed to be purchased by Verizon some time ago.

A new offer from Qwest amounts to $8.9 billion, far more than Verizon’s bid of$7.65 billion accepted by MCI on Tuesday. But MCI is expected to reconsider the hostile bid from Qwest that is much more lucrative.

"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.

"The new offer was determined after Qwest received input from MCI shareholders," said Qwest spokeswoman Claire Mylott.

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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
 


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