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Mci Inc

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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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 18, 2005 | From Reuters
Qwest Communications International Inc. said Thursday that it would submit a new offer to buy MCI Inc., raising the prospect of a bidding war with Verizon Communications Inc. Qwest said Chairman Richard Notebaert wrote MCI's board Thursday, saying the company would make the offer after reviewing the details of Verizon's bid. But it did not disclose what it would be willing to pay for the No. 2 long-distance and corporate telecommunications firm.
BUSINESS
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.
NATIONAL
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.
BUSINESS
February 4, 2005 | James S. Granelli, Times Staff Writer
MCI Inc. may be following in the footsteps of the industry's mother ship, AT&T Corp., which agreed Monday to be acquired by regional telephone company SBC Communications Inc. MCI's possible buyer, identified Thursday by people close to the situation as Qwest Communications International Inc., is seen by many as an unlikely suitor. The regional carrier is in debt and losing money. Its interest in buying MCI for $6.3 billion was first reported Thursday by the Wall Street Journal.
BUSINESS
December 30, 2004 | From Bloomberg News
A judge declined Wednesday to award a $3-million premium to the law firm that represented unsecured creditors in the MCI Inc. bankruptcy case. Akin Gump Strauss Hauer & Feld, which represented MCI's unsecured creditors' committee, asked for the premium in addition to $16 million in fees and expenses already awarded by a Bankruptcy Court judge in New York in recognition of its efforts to help rehabilitate the company.
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