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Friday April 22, 07:52
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Qwest raises its bid for MCI
(by Natali Novak)
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Qwest Communications has increased its "best and final" bid for MCI by 9%, to $30 a share, in its latest effort to overrun Verizon Communications.
With its new offer, Qwest has met many of the conditions requested by MCI’s board. Previously, MCI’s board has agreed to merge with Verizon in a deal worth $23.10 a share.
An MCI spokesman said its board would review Qwest’s latest proposal and respond by the time required by Qwest. The respond is expected to be announced by Saturday.
Qwest is offering MCI shareholders $16 in cash, up from $13.50, and $14 in stock. $800 million are said to be delivered by private equity groups in case a Qwest-MCI merger is approved by regulators.
Meanwhile, Qwest’s offer is 30% higher than Verizon’s, with the total of $2.2 billion.
Verizon is likely to raise its bid at least by the level that would calm other MCI investors who require equal treatment, according to some industry analysts.
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