Feeds

'Desperate' Qwest ups bid for MCI

Bidding war continues

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

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

Beginner's guide to SSL certificates

More from The Register

next story
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
BT said to have pulled patent-infringing boxes from DSL network
Take your license demand and stick it in your ASSIA
Right to be forgotten should apply to Google.com too: EU
And hey - no need to tell the website you've de-listed. That'll make it easier ...
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
prev story

Whitepapers

Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
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.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.