Feeds

Qwest makes final offer for MCI

Take it or leave it

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Qwest is making a last ditch attempt to acquire MCI after upping its bid to $9.75bn.

This "best and final offer" for a tie-up between US telcos MCI and Qwest is 30 per cent higher that the one made by Verizon and accepted by the company formerly known as WorldCom.

In a letter detailing the latest offer Qwest told MCI: "Additional financing commitments of $1bn, resulting in a total committed financing of $7.25bn, will be delivered to your advisors today. This increase is responsive to the MCI Board's requests for additional liquidity to ensure that the combined company has the financial resources to compete aggressively in the market place and maintain a 'best in class' world-wide network."

Earlier this month press reports suggested that MCI was holding out for an offer of $30 a share. Qwest's latest offer, as it happens, equates to $30 a share. If the "sources" behind that story are right, it might just be enough for MCI to turn its back on Verizon.

In a statement MCI execs said they would "review the revised proposal" and have until teatime on Saturday to decide whether or not to accept Qwest's final offer.

For Verizon, it remains committed to the deal. In a statement it said: "Notwithstanding the latest Qwest proposal, we continue to believe Verizon is the best partner for MCI. As we move through the proxy process, we will continue to assess the situation and intend to take the necessary steps at the appropriate time to secure shareholder approval and complete our pending transaction." ®

Related stories

MCI wants $30 a share
Verizon buys slice of MCI
MCI rejects Qwest, cuddles up to Verizon
Crunch time for MCI/Verizon/Qwest lurve triangle
MCI mulls latest Qwest offer
Qwest ups bid for MCI - yet again
Qwest soap opera continues
Verizon finds $1bn more for MCI
Qwest sets MCI April 5 deadline
Telecoms takeover turns into sixth form disco
MCI UK settles three-year-old billing snafu
MCI/Verizon/Qwest slanging match continues

Beginner's guide to SSL certificates

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
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.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.