Feeds

Qwest goes public with $8bn MCI bid

Time to reconsider?

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Qwest was prepared to stump up $8bn (£4.23bn) to take-over MCI, the Denver-based telecoms outfit revealed yesterday.

On Monday, US telco Verizon confirmed that its $6.7bn (£3.55bn) shares and cash offer to take-over MCI had been accepted despite reports that Qwest had bid more for MCI.

Yesterday Qwest went public stating it had offered $8bn for MCI - a bid rejected by MCI.

Some MCI shareholders have already voiced their concerns about the deal and why execs accepted a lower offer. Now that Qwest has gone public on its offer, some observers believe it could kick off a new round of bidding for MCI.

Publishing Q4 results on Tuesday, Qwest revealed that it managed to narrow losses on the back of slightly reduced revenues.

The telco made a net loss of $139m (£73.6m) in Q4 04 compared to $407m (£215m) a year earlier. Revenues for the quarter were down a smidgen from $3.49bn (£1.85bn) to $3.43bn (£1.81bn).

Part of the decline in losses is down to improved efficiencies and productivity gains, including the shedding of 5,500 (12 per cent) of its workforce in 2004, mostly in the second half of the year.

Qwest also added 81,000 DSL lines in the fourth quarter and ended the year with more than a million broadband lines.

Qwest chairman and chief exec Richard Notebaert said he was "pleased with the progress made in 2004 and we like the momentum we have entering 2005 to drive additional growth in our key lines of business". ®

Related stories

Verizon's MCI takeover faces shareholder revolt
Verizon and MCI to tie the knot
Verizon close to MCI deal - report
Qwest courts MCI for telecoms take-over

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.