Qwest Communications International Inc. on Thursday raised its offer for MCI Inc. to $8.94 billion in a bidding war with Verizon Communications Inc., the Associated Press reported.
Qwest CEO Richard Notebaert set a deadline of midnight April 5 for MCIs board of directors to respond to the offer before it would be withdrawn, the Wall Street Journal reported.
“MCI’s board of directors will review the revised proposal and respond accordingly,” MCI said in a statement Thursday.
Earlier this week, MCI accepted a $7.64 billion offer from Verizon, the biggest U.S. phone company. MCI on Thursday confirmed it will review Qwest’s latest bid.