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Mci Inc

BUSINESS
April 2, 2005 | From Associated Press
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.
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BUSINESS
April 1, 2005 | James S. Granelli, Times Staff Writer
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.
BUSINESS
March 30, 2005 | Chris Gaither, Times Staff Writer
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.
BUSINESS
March 29, 2005 | From Associated Press
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.
BUSINESS
March 24, 2005 | James S. Granelli, Times Staff Writer
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.
BUSINESS
March 22, 2005 | From Associated Press
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."
BUSINESS
March 17, 2005 | From Associated Press
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.
BUSINESS
March 12, 2005 | From Bloomberg News
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.
BUSINESS
March 5, 2005 | From Bloomberg News
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.
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