Today Marks Last Day for Talks Between MCI, Qwest

Today is the final day for MCI Inc. and Qwest Communications International Inc. to discuss Qwests revised $8 billion buyout bid.

Qwest is hoping to outdo an offer from Verizon Communications Inc., and this week upped the ante to $8.45 billion. Verizon told MCI it would give the company a two-week window to talk with Qwest.

Verizon and MCI signed a joint merger agreement in February, with Verizon intending to acquire MCI in a deal valued at $6.7 million.

MCIs Board of Directors will respond to Qwests sweetened offer by March 28.

Either Qwest or Verizon will acquire a company whose sales have been falling precipitously for years. Annual revenue at MCI dropped 15 percent to $20.7 billion in 2004. The company said it expected revenue to fall this year by up to 14 percent.

Leave a comment

Your email address will not be published. Required fields are marked *

The ID is: 73425