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Monday April 25, 09:58
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Qwest to close the happy end in fight for MCI
(by Helen Snow)
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Qwest International’s sustaining fight for MCI with its rival Verizon Communications seems to be not far from the successful end.
On Apr. 21, Qwest Communications increased its "best and final" bid for MCI by 9%, to $30 a share, in its latest effort to overrun Verizon.
With its new offer, Qwest 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.
On Apr. 23, after two earlier bids being refused, Qwest finally managed to fight out a yes. The latest offer includes $16 per share in cash, worth about $5.2 billion, and the rest in Qwest stock.
However, Verizon is not out of the game yet, say some analysts. It should decide in five days whether to increase its offer. A far as its previous offer has been approved two weeks ago, Verizon, not MCI, has the right to break the current merger agreement and demand a $240 million breakup fee.
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