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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."
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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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
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.
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