Subject: Dow Jones MarketWatch -
"MCI accepts increased bid from Verizon"
MarketWatch, online at:
MCI ACCEPTS INCREASED BID FROM VERIZON: WSJ
3/29/2005 09:48:15 AM
NEW YORK (MarketWatch) -- MCI Inc.'s board has reportedly accepted an increased takeover bid from Verizon Communications, according to The Wall Street Journal. The report indicates Verizon's increased bid now values MCI shares at $23.50 each, or almost $8 billion, and that it consists of more cash than the previous offer and protection for MCI shareholders if Verizon's stock declines. The news comes after Qwest Communications International gave MCI until April 5 to respond to its rival offer. MCI, whose shares are currently halted for news pending, wasn't immediately avaiable for comment. A Verizon official told MarketWatch that it hasn't issued a press release, while Qwest has yet to respond to inquiries. Qwest shares slid 1.3 percent to $3.70 in morning trades, and Verizon's stock lost 27 cents to $34.45.