April 2, 2005 |
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 |
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 |
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 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 16, 2005 |
The Securities and Exchange Commission accused a former chief executive of Qwest Communications International Inc. and six others Tuesday of orchestrating a massive financial fraud that concealed the source of billions of dollars in revenue later wiped off the books. The civil lawsuit said former Chief Executive Joseph Nacchio and others created a "culture of fear" and put enormous pressure on employees to meet revenue and earnings goals through bogus sales procedures that became an addiction.
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.