Feeds

Qwest makes final offer for MCI

Take it or leave it

  • alert
  • submit to reddit

Boost IT visibility and business value

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
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
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.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.