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MCI Says Qwest's $9.7 Billion Bid Better.
2005-04-25, HostMan.biz Internet service and Web hosting provider MCI (mci.com) said late last week that Qwest Communications's (qwest.com) most recent acquisition offer is better than the Verizon (verizon.com) bid accepted just weeks ago. Qwest's offer is reportedly worth $9.7 billion, approximately $2 billion higher than Verizon's proposed purchase price. Qwest asked MCI to respond to its offer Monday. According to the MCI/Verizon merger agreement, Verizon has until Friday to respond with a counter-offer. Verizon's first successful bid to acquire MCI, made in February, was worth $6.7 billion. After losing in the bidding, Qwest tabled a revised offer, later raising it to $8 billion. Verizon submitted a $7.6 billion bid, which was accepted by MCI. The third Qwest bid of $8.9 billion came after Verizon agreed to allow MCI to negotiate with Qwest. It was also rejected. MCI had turned down all of Qwest's overtures to this point due to concerns over its overall financial and operational health. However, reports say Qwest has attained additional financial backing, securing $2.4 billion in financial commitments for the proposed merger. Qwest also reportedly secured a separate $6.75 billion line of credit to pay off MCI's $5.9 billion debt should bondholders cash out. Qwest already carries approximately $17 billion in debt. Both Qwest and Verizon covet MCI because of its large base of government and large business customers. Qwest has made a concerted effort to acquire MCI because of its concerns that it would have difficulty remaining independent as the telecom industry continues to consolidate, analysts say. Earlier this year, SBC Communications acquired AT&T. |
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