Qwest makes 'best and final' offer
By The Associated Press
Rocky Mountain News
April 21, 2005
Qwest Communications International Inc. submitted a revised offer for MCI Inc. today, increasing its bid to $9.74 billion, more than $2 billion higher than the buyout deal MCI accepted from Verizon Communications Inc.
The proposal also includes an additional $1 billion in committed financing to ease concerns about whether the combined company would have the resources to compete, Qwest CEO and Chairman Richard Notebaert said in a letter to MCI's board.
The new bid is Qwest's "best and final offer," Notebaert said.
Verizon has offered $7.5 billion for MCI.
The New York-based Verizon and Denver-based Qwest, two of the nation's biggest telephone companies, have been battling for more than two months to win MCI and its national fiber-optic network and lucrative roster of government and corporate clients.
MCI's board has rejected higher-priced offers from Qwest out of concern about the Denver company's weak financial condition.