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MCI Accepts Revised Verizon Offer.
2005-03-29, HostMan.biz Internet service and Web hosting provider MCI (mci.com) announced on Tuesday that after reviewing revised acquisition proposals from both Verizon and Qwest Communications (qwest.com), it will accept Verizon's (verizon.com) offer. According to Verizon's revised proposal, the company will acquire MCI for a sweetened price of $7.6 billion, almost a billion dollars more than the reported $6.75 Verizon offered in its successful February bid. MCI says it has amended its February merger agreement with Verizon according to the new terms. Earlier this month, Qwest raised its offer to buy MCI to $8 billion. The move came on the heels of an original revised offer put forward after it lost out in the bidding to Verizon, which had made a successful bid to acquire MCI in February for a reported $6.7 billion. Qwest's subsequent bids were made because of the company's concern that it would have difficulty remaining independent as the telecom industry continues to consolidate, reports say. There were also indications that MCI shareholders were unhappy with the Verizon bid. MCI reportedly took Verizon's February offer over Qwest's original proposals because of the company's stronger financial position and potential for growth. And it appears that these factors, combined with the higher price, ensured Verizon would prevail in the bidding. "MCI's Board has been closely and carefully evaluating all of the recent developments," says Nicholas Katzenbach, chairman of the board at MCI. "We believe Verizon's substantial increase in its offer, the strength of its competitive position and the financial certainty at close make this offer compelling to our shareholders, customers and employees." The acquisition automatically makes Verizon one of the world's largest Web hosts. According to research firm Netcraft, MCI is the world's ninth largest host, home to 878,000 hostnames. The company's customer base has been growing at a rapid pace, adding 233,000 hostnames in the last year, with 61,000 coming in the last two months alone. |
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