April 24, 2005 |
Long-distance phone company MCI Inc. bowed Saturday to a better offer from Qwest Communications International Inc., saying the $9.75-billion bid was superior to the pending deal MCI had with Verizon Communications Inc. Verizon has until late Friday to revise its $7.5-billion agreement or walk away with a $240-million fee that MCI would have to pay to break the deal. Since February, MCI's board has rebuffed Qwest's efforts three times in favor of Verizon's lower offers.
April 22, 2005 |
Qwest Communications International Inc. submitted another offer for MCI Inc. on Thursday, increasing its cash-and-stock bid to $9.74 billion -- about 30% higher than the buyout deal that MCI has accepted from Verizon Communications Inc. Qwest's latest bid of $30 a share injects fresh uncertainty into the deal and could force MCI directors -- who have twice embraced Verizon over Qwest -- to accept a far higher offer. The Qwest bid includes $16 a share in cash -- about $2.
April 12, 2005 |
Verizon Communications Inc.'s agreement over the weekend to buy Carlos Slim's stake in MCI Inc. for more than it is offering other shareholders angered some of MCI's largest owners and put pressure on MCI's board to seek a higher offer. Slim, the world's fourth-richest person, will sell his 13% stake in MCI to Verizon for $25.72 a share, making Verizon the top MCI shareholder. Verizon, the biggest U.S. telephone company, will pay $2.62 a share more for Slim's stake than the $23.
April 10, 2005 |
Verizon Communications Inc. said Saturday it was paying $1.1 billion to acquire a 13.4% stake in MCI Inc. directly from its largest single stockholder. The transaction removes a major wild card in Verizon's bid to fend off a higher-priced offer to acquire MCI by Qwest Communications International Inc. of Denver. The New York telephone company is paying $25.
April 7, 2005 |
The protracted battle for MCI Inc. may now be decided by shareholders. The long-distance carrier said Wednesday that it rejected Qwest Communications International Inc.'s bid of $8.9 billion, or $27.50 a share, saying it wasn't "superior" to the $7.5 billion, or $23.10 a share, offered by Verizon Communications Inc. The decision by MCI's board of directors was the latest rebuff of Qwest in the two months since the board agreed to be acquired by Verizon, the nation's largest phone company.
April 6, 2005 |
MCI Inc. late Tuesday rejected an $8.9-billion buyout proposal from Qwest Communications International Inc., opting instead to stick with a $7.5-billion offer from Verizon Communications Inc. Qwest said it would evaluate the situation before deciding its next move. "We are weighing our options, and shareholders will dictate the next steps in the process," Qwest spokesman Steve Hammack said. "MCI's board of directors has chosen to reject what we believe is a superior offer to acquire MCI."
April 5, 2005 |
Verizon Communications Inc. threatened Monday to abandon its $7.5-billion buyout offer for MCI Inc. rather than pay more should the long-distance telephone company declare a rival $8.9-billion offer from Qwest Communications International Inc. as superior. Shares of Ashburn, Va.-based MCI fell after the announcement, which came one day before a deadline set by Qwest for MCI to accept or reject its bid.
April 2, 2005 |
MCI Inc. invited Qwest Communications International Inc. to reopen merger talks Friday, just three days after the long-distance phone company agreed to a sweetened $7.5-billion buyout from Verizon Communications Inc. and a day after Qwest raised its bid to nearly $9 billion. Qwest dismissed the gesture as disingenuous and reiterated a Tuesday deadline for MCI to accept or reject its offer.
April 1, 2005 |
Edging closer to launching a hostile takeover attempt, Qwest Communications International Inc. on Thursday raised its bid for long-distance carrier MCI Inc. again -- this time to $8.94 billion in cash and stock. The increase puts Qwest's bid more than $1.4 billion higher than the offer MCI's board accepted Tuesday from Verizon Communications Inc., the nation's largest phone company.
March 31, 2005 |
Qwest Communications International Inc. has hired a proxy consulting firm -- a clear sign it may ask MCI Inc. shareholders to vote on Qwest's $8.45-billion offer as an alternative to MCI's merger agreement with Verizon Communications Inc. Altman Group President Ken Altman said Wednesday that his firm was hired to augment investor relations for Qwest. He declined to discuss details of the tasks his firm is handling for Qwest.