Qwest adds $2 billion cash to its MCI’s bid

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Friday April 08, 09:32

Qwest adds $2 billion cash to its MCI’s bid

(by Brigitta Zulfitzler)

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Qwest adds $2 billion cash to its MCI’s bid

Qwest executives are working behind the scenes to raise $2 billion from investors to increase the cash portion of its takeover bid for MCI, sources said Thursday.

Previously, MCI rejected the Qwest’s $8.9 billion bid sticking with a $7.5 billion bid from Verizon. At the moment, Qwest offers the bid increased by $2 billion cash, bringing it two-thirds cash and one-third stock.

Meantime, MCI chief executive Michael Capellas indicated on Thursday that the company holds on the negotiation process with Qwest.

Analysts have a different opinion on whether $2 billion in cash will persuade MCI’s board, which has already three times rejected Qwest favoring the lower Verizon bid.

It goes without question that Qwest is in great need of the bidding campaign’s success, at least to improve its less than glamorous image, to say nothing of its $17 billion debt.

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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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