Feeds

Qwest soap opera continues

Revised bid or hostile takeover?

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Qwest could be prepared to launch a hostile takeover for MCI after the company formerly known as WorldCom accepted a sweetened offer from preferred bidder Verizon. Then again, reports from the US also suggest that Qwest might be getting ready to increase its offer for MCI.

Either way, it seems Qwest is not going to give up on MCI without a fight.

It's emerged that Qwest has signed up The Altman Group - a proxy firm based in New York - that specialises in canvassing shareholders for potential takeovers. Taking that route, though, would be costly and could drag on for months.

At the same time, Qwest is also reportedly considering upping its offer for MCI.

This latest twist in the MCI/Verizon/Qwest soap opera comes after Verizon upped its bid for MCI to $7.6bn. Although an improvement on its already accepted $6.7bn offer, it's still well short of Qwest's $8.5bn bid.

Accepting Verizon's revised offer MCI's chairman Nicholas Katzenbach said: "MCI's Board has been closely and carefully evaluating all of the recent developments. We believe Verizon's substantial increase in its offer, the strength of its competitive position and the financial certainty at close make this offer compelling to our shareholders, customers and employees."

Responding to Verizon's revised offer Qwest said: "We respect the right of Verizon to change the composition and value of their bid, but we still believe our proposal creates superior value for shareowners. We are going to assess the situation and determine what is in the best interests of shareowners, customers and employees." ®

Related stories

Verizon finds $1bn more for MCI
Qwest sets MCI April 5 deadline
MCI/Verizon/Qwest slanging match continues
'Desperate' Qwest ups bid for MCI

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 ...
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
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
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.