Feeds

'Desperate' Qwest ups bid for MCI

Bidding war continues

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Qwest looks set to cough up more cash in a bid to secure the acquisition of MCI, according to reports from the US. Sources maintain that the US telco has found an extra $550m to snap up MCI.

Although this has yet to be confirmed officially, a statement by Qwest chairman Richard C Notebaert yesterday suggests that the company is about to make another move.

"Our activities over the next 24 hours will demonstrate our commitment to winning MCI," said Notebaert.

"It is unfortunate that some in the process feel MCI shareholders should be deprived of the true value of their asset. MCI is a valuable property and shareholders deserve the present and future value that Qwest is committed to deliver. Historical commentaries serve no purpose as we look to the future of the communications sector and foster competition."

Last month MCI accepted a $6.7bn offer in shares and cash to be bought out by Verizon. But Qwest got the hump after it said MCI ignored its $8bn bid for the telco formerly known as WorldCom.

Since then it's all become very messy and increasingly nasty too.

In a letter yesterday Verizon boss Ivan Seidenberg had a pop at Qwest pointing out that its revenues were down and operating losses were up over the last year. It also finished the year with $17.3bn of debt, "more than twice the market value of the company's stock".

"No wonder there appears to be a desperate quality to Qwest's efforts to acquire MCI," he wrote. Ouch. ®

Related stories

SEC accuse Qwest fat cats of cooking the books
Verizon: Qwest can talk to Verizon bride MCI
15,000 jobs to go if Qwest/MCI gets green light
Qwest sweetens MCI offer
MCI faces shareholder fury
Qwest goes public with $8bn MCI bid
Verizon's MCI takeover faces shareholder revolt
Verizon and MCI to tie the knot

Boost IT visibility and business value

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.