MCI sticks with Verizon
p2pnet.net News:- MCI is sticking to its $6.7 billion deal to merge with Verizon, a “sweetened” $8 billion bid from Qwest to buy the long-distance phone company notwithstanding.
"We will do our utmost to drive [the Verizon deal] through,” the Seattle Times has MCI boss Michael Capellas saying. “We entered into it. We believe in it.”
"At the same time," Capellas stressed, "we’ll do our fiduciary duty" to fully evaluate Qwest’s latest offer.
Qwest sweetened the bid on Thursday by promising to accelerate payment of the cash portion, which includes a $1.60-per-share dividend, all of which would be paid upon shareholder approval, says The Street, going on:
“In doing so, the company hopes to assuage concerns about its relatively weak financial position compared with Verizon’s.”
Something you think we should know? tips[at]p2pnet..net
===================
See:-
utmost – MCI touts Verizon tie but plans to evaluate Qwest bid, Seattle Times, February 26, 2005
accelerate payment – Options at the Center of MCI Scrum, The Street, February 25, 2005
