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 30, 2005 |
For a second time, MCI Inc. on Tuesday agreed to a buyout offer from Verizon Communications Inc., which had upped its bid by nearly $1 billion to fend off a rival. But many expect the battle for ownership of the nation's No. 2 long-distance carrier to continue. The enhanced buyout proposal from Verizon still falls $800 million short of the offer from smaller phone company Qwest Communications International Inc., setting the stage for a potential hostile bid. MCI shares gained 84 cents to $23.
March 29, 2005 |
Qwest Communications International Inc. issued a deadline to MCI Inc. on Monday, giving the long-distance telephone company one week to decide if it will jilt merger partner Verizon Communications Inc. in favor of a richer buyout proposal from Qwest. The ultimatum was delivered in a letter to MCI's board that also said Qwest lenders had committed an extra $500 million in financing to back the $8.45-billion bid, which is currently valued at $1.9 billion more than the Verizon deal.
March 24, 2005 |
Long-distance carrier MCI Inc. said Wednesday that it would reopen merger talks with Qwest Communications International Inc. a week after the regional phone company raised its price for MCI to $8.45 billion. MCI's board is caught in a bidding war between Denver-based Qwest and New York-based phone giant Verizon Communications Inc. Brushing aside Qwest's $8-billion bid last month, MCI agreed then to accept $6.
March 22, 2005 |
The heads of Verizon Communications Inc. and Qwest Communications International Inc. kicked their multibillion-dollar tug of war for MCI Inc. up a notch Monday with letters to the long-distance carrier's board. Verizon Chief Executive Ivan Seidenberg said he would continue to pursue a merger with MCI and "will not be distracted by Qwest's histrionics, false statements and grossly exaggerated synergy claims."
March 17, 2005 |
Qwest Communications International Inc. is raising its bid for MCI Inc. by nearly half a billion dollars in hopes of scuttling the long-distance phone company's merger with Verizon Communications Inc., a source familiar with Qwest's plans said Wednesday. All three companies declined to comment on the sweetened offer, said to be worth $8.5 billion -- about $1.8 billion more than the current value of the Verizon deal.
March 12, 2005 |
Qwest Communications International Inc., the No. 4 local-telephone provider, plans to raise its $8-billion offer for MCI Inc. in a bid to break up MCI's proposed acquisition by Verizon Communications Inc., people familiar with the matter said Friday. MCI, the No. 2 U.S. long-distance operator, reopened negotiations after Denver-based Qwest revised the $24.60-a-share bid.
March 5, 2005 |
Carlos Slim, MCI Inc.'s biggest investor, said he opposed the company's planned sale to Verizon Communications Inc., adding to pressure on MCI Chief Executive Michael Capellas to negotiate a better deal. Verizon's $6.76-billon offer is too low and an $8-billion bid from Qwest Communications International Inc. also falls short, said Arturo Elias, a spokesman for Slim, who holds a 13.7% stake in Ashburn, Va.-based MCI. "We find the Qwest offer better, but it's also insufficient," Elias said.