Feeds

Qwest makes final offer for MCI

Take it or leave it

  • alert
  • submit to reddit

Securing Web Applications Made Simple and Scalable

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

Build a business case: developing custom apps

More from The Register

next story
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.