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Monday May 16, 10:59
MCI CEO Capellas tries to win support for Verizon’s takeover bid
(by Brigitta Zulfitzler)

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MCI CEO Capellas tries to win support for Verizon’s takeover bid MCI Inc. CEO Michael Capellas is determined to get up defensive weapons against some shareholders that planned to vote against him in today’s annual meeting.

Bruce Berkowitz, President of Fairholme Capital Management LLC, is one of those at least seven investors who are against MCI’s decision to prefer merger with Verizon Communications Inc to higher bid from Qwest Communications International Inc.
``The vote will signal to the directors our desire to have seen the process happen another way,’’ Berkowitz said Friday after the meeting with Capellas at Fairholme’s headquarters in Short Hills, New Jersey.

The opposition from owners of at least 25% of MCI’s shares may become a significant obstacle for Capellas and the board in winning support for Verizon’s $8.44 takeover bid in a shareholder vote as soon as next month. It may also lure Qwest to resume its bidding war.

MCI’s shares were stable at $25.40 in Nasdaq Stock Market composite trading Friday after they floated almost 50% since the company emerged from the largest bankruptcy in U.S. history a year ago. Verizon’s shares dropped 20 cents to $34.09 and Qwest fell 4 cents to $3.58 on the New York Stock Exchange.
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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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