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April 10, 2005 | From Associated Press
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 6, 2005 | From Associated Press
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 | From Associated Press
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 | 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.
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.
March 31, 2005 | From Associated Press
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.
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.
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.
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.
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."
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