Qwest’s quest for MCI response
p2pnet.net News:- Qwest has grown tired of waiting for MCI to respond to its $8 billion offer which is, it points out, some $1 more than Verizon Communications’.
Or as the Chicago Tribune puts it, Qwest’s Richard Notebaert, “lashed out yesterday against an MCI management that is ignoring his company’s bid for the nation’s No. 2 long-distance carrier.
“Frustrated that his $8 billion offer hasn’t evoked even a courtesy response from MCI’s management, the chief executive of Qwest stepped up his campaign on Wall Street by appealing directly to MCI shareholders.
“Notebaert said Qwest’s plan for MCI will generate cost savings exceeding $10 billion — thanks to the elimination of 15,000 jobs. He even raised the possibility of improving Qwest’s offer — if only MCI agreed to talk.”
A Verizon executive shot back Monday that Qwest’s bid for MCI isn’t in the public interest and might even threaten national security, says the Tribune.
“Officials at the Denver-based Baby Bell argue that their plan will generate more than $10 billion in cost savings, largely through the elimination of up to 15,000 jobs, and repeatedly expressed frustration that MCI has refused to discuss the offer,” says BusinessWeek.
The Fairholme Fund, an investment fund with 11 million MCI shares, said it was surprised and concerned that MCI has not yet indicated it was willing to meet with Qwest to discuss that revised offer,” says Reuters, adding, “MCI shareholders have ‘much to gain and nothing to lose,’ by such talks, the fund said.”
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See:-
Chicago Tribune – Qwest touts its bid to MCI shareholders, Chicago Tribune , March 2, 2005
BusinessWeek – Qwest-MCI merger may mean 15,000 job cuts, BusinessWeek, March 2, 2005
Reuters – MCI shareholder Fairholme urges meeting with Qwest, Reuters, March 2, 2005
