MCI Accepts Verizon's $7.6 Billion Offer
29 Mar
2005
29 Mar
'05
11:30 a.m.
MCI Accepts Verizon's $7.6 Billion Offer Tue Mar 29, 2005 10:48 AM ET WASHINGTON (Reuters) - MCI Inc. said on Tuesday it accepted a revised takeover bid from Verizon Communications Inc. worth about $7.6 billion, rejecting a $8.45 billion offer from Qwest Communications International Inc. MCI said Verizon's revised offer includes $8.75 per MCI share in cash and $14.75 per MCI share in Verizon stock. Of the $8.75, up to $5.60 would be paid to MCI shareholders when the deal closes. The two companies also increased the termination fee Verizon would be owed if the deal falls through to $240 million. © Reuters 2005. All Rights Reserved.
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Fergie (Paul Ferguson)