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MCI Accepts Verizon's $7.6B Offer (from ATSNN)

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posted on Mar, 29 2005 @ 03:20 PM
MCI accepts Verizons bid for 7.6 billion dollars Tuesday. Verizons original bid was for 6.75 billion dollars and Qwest bid was for 8.64 billion dollars. Usually the higher bid wins. Verizon stock gained 3 percent while Qwest fell 2.9 percent.
MCI Inc. (MCIP.O) on Tuesday accepted a sweetened takeover offer of $7.6 billion from Verizon Communications Inc. (VZ.N), according to The Wall Street Journal.

Verizon hiked its cash-and-stock offer to $23.50 a share, adding more cash to its bid and including protection against a decline in its stock price, according to a story in the electronic edition of the newspaper. Its bid is still below a rival offer of $8.45 billion from Qwest Communications International Inc. (Q.N)

"It's a step in the right direction. It's not over," said Bruce Berkowitz, whose Fairholme Fund owns 11 million MCI shares.

Please visit the link provided for the complete story.

Verizon took over MCI with a smaller bid. I wonder why MCI didn't go for the better bid. Maybe Verizon was a better choice. We will see if MCI made the right choice. Investors may want to buy some Verizon stock.

[edit on 29-3-2005 by Spectre]

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