MCI Inc. shareholders on Monday reelected nine board members, including CEO Michael Capellas at the companys annual meeting, but some shareholders expressed their disapproval of a takeover bid by Verizon Communications Inc. by withholding their votes, according to national media reports.
Shareholders withdrew 28 percent of their votes from Capellas, and investors holding 78 million to 94 million shares also withheld votes for MCIs eight other directors, Bloomberg News reported. Fewer than 50 shareholders were in attendance at the meeting in Chantilly, Va., and no questions were asked of MCIs management team, The Associated Press reported.
Some MCI investors believe Verizons $8.45 billion bid for MCI is too low. MCIs board has rejected a $9.75 billion bid by Qwest Communications International Inc. in favor of being acquired by Verizon, the largest phone company in the United States.
Qwest dropped out of the bidding earlier this month, although the regional phone company has said it is keeping its options open.