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.
March 3, 2005 |
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 |
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 |
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.