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Tuesday May 03, 05:07
Verizon wins MCI battle
(by Julia Jenson)

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Verizon Communications Inc. got over Qwest Communications International Inc. in the 10-week battle for MCI Inc., the company that was strategically important in the fight for the consolidation of the telecommunication industry. Qwest withdrew its offer totalling $9.9 billion after MCI accepted Verizon’s $8.5 billion bid.

The company succumbed to Verizon, the No.1 US telecommunications company despite its lower bid after the threat from MCI large business customers to abandon MCI if it was sold to Qwest. Qwest in the meantime accused the board of downplaying the interests of the shareholders.

"It is no longer in the best interests of shareowners, customers and employees to continue in a process that seems to be permanently skewed against Qwest," the company said in a statement.

Verizon’s offer envisages the price of at least $26 per MCI share plus $5.60 cash that will be paid on the approval of the deal, and 0.5743 Verizon share for every share of MCI common stock or Verizon shares valued at $20.40, whichever is greater.
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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 08:41 AM LEHMAN BROS. CUT VERIZON COMM. TO "EQUAL WEIGHT" FROM "OVERWEIGHT"
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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