|
||
World Equity News |
02/05/05MCI u-turns on Qwest to favour VerizonAfter declaring a revised merger bid from Qwest Communications superior on April 21, MCI has now announced that it would be more likely to accept a revised offer from Verizon superior due to pressure exerted by its business customers. In making Monday’s announcement, MCI said that some of its “most important business customers” have indicated a preference for Verizon over Qwest and that some had indicated they would seek to end their MCI contracts if the Qwest deal were accepted. MCI also listed in its announcement a number of other factors it is taking into consideration in evaluating the two bids. Meanwhile, Qwest claims that a survey it conducted shows that a majority of MCI shareholders prefer their bid over Verizon’s. Verizon‘s new offer was for $26 per share, made up of $5.60 cash and either 0.5743 Verizon shares for each MCI share or $20.40 in value, whichever is greater. This offer totals $8.45 billion in comparison to a $9.9 billion bid from Qwest, which amounts to $30 per share - $16 in case and 3.373 Qwest shares at a $14 fixed value. |
USA equity market references:CategoriesArchives
|
|
US Equities copyright 2005 Central Consultants : All Rights Reserved |
||