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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.
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.
March 3, 2005 | From Reuters
Verizon Communications Inc., which has agreed to acquire MCI Inc. for $6.75 billion, said Wednesday that it would grant MCI two weeks to hold additional talks with rival bidder Qwest Communications International Inc. But Qwest said that it was concerned MCI would not give a thorough review of its revised $8-billion offer and that Qwest had been given limited access to MCI's financial data. MCI, the No. 2 long-distance company, spurned Qwest's bid when it agreed to be bought by Verizon.
February 25, 2005 | James S. Granelli, Times Staff Writer
Qwest Communications International Inc. reworked its $8-billion bid Thursday for MCI Inc. in hopes of scuttling a deal the long-distance carrier made last week to be acquired by Verizon Communications Inc. Qwest, a regional telephone company based in Denver, changed some terms of its cash-and-stock offer to provide MCI shareholders more cash sooner and some guarantee against fluctuations in the stock price. But the mix of cash and stock and the overall price remained the same: $9.
February 24, 2005 | James S. Granelli, Times Staff Writer
Qwest Communications International Inc. is showing itself to be a determined suitor as it prepares a revised bid for MCI Inc. that's aimed at upending last week's pact with Verizon Communications Inc. And a small but growing number of analysts who initially discounted Qwest say the Denver company's efforts could be a good match for MCI after all. Qwest is tweaking its $8-billion offer of cash and stock for Ashburn, Va.-based MCI.
February 19, 2005 | James S. Granelli, Times Staff Writer
The shape of the telephone industry has changed practically overnight. In the space of two weeks, long-distance carriers AT&T Corp. and MCI Inc. agreed to be acquired by local phone giants that once were rivals. In the eyes of Edward E. Whitacre Jr., chairman of SBC Communications Inc., buying AT&T was essential for his company, the industry and the future health of the U.S. economy.
February 15, 2005 | James S. Granelli, Times Staff Writer
MCI Inc. on Monday announced it had done something rare for a company seeking a buyer: It chose the low bid. The long-distance carrier's decision to turn down a $7.3-billion offer from Qwest Communications International Inc., and instead accept one for $6.8 billion from Verizon Communications Inc., reflected MCI's desire to be part of a global powerhouse. Qwest executives didn't comment Monday. Ashburn, Va.-based MCI, formerly WorldCom Inc.
February 14, 2005 | James S. Granelli, Times Staff Writer
Directors of MCI Inc. agreed late Sunday to sell the long-distance carrier to Verizon Communications Inc. for about $6.7 billion in cash and stock, people close to the deal said. The decision to hitch up with the nation's largest telephone company further transforms the U.S. telecommunications industry into one dominated by a few national behemoths that serve international corporations as well as households. Only two weeks ago, AT&T Corp.
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