MCI drama close to an end

MCI has until midnight tonight to decide whether or not to take Qwest's new bid.

By midnight tonight, the "who will buy MCI saga" should be over. Qwest, which raised its offer again last week, said that it would give MCI until midnight on April 5th to make its final decision.

MCI, which is the second largest long distance carrier in the U.S., has already accepted Verizon's offer twice. On Monday, Verizon's CEO Ivan Seidenberg sent a letter to MCI's board of directors stating that his company would not get into a bidding war with Qwest. If the board decides to accept Qwest's new offer, Verizon will step aside.

Seidenberg also took the opportunity to reiterate his arguments about why the board should go with Verizon even though Qwest is willing to pay about $1 billion more for the company.

"We believe the headline numbers in the Qwest proposal mask a myriad of financial and operational risks," he wrote. "We also believe MCI's Board understands that a proper comparative analysis is less about succumbing to the math of the moment and more about common sense and good business judgment."

Stay tuned.

Tags:
Tech Culture
About the author

Marguerite Reardon has been a CNET News reporter since 2004, covering cell phone services, broadband, citywide Wi-Fi, the Net neutrality debate, as well as the ongoing consolidation of the phone companies. E-mail Maggie.

 

Join the discussion

Conversation powered by Livefyre

Show Comments Hide Comments
Latest Galleries from CNET
Tech industry's high-flying 2014
Uber's tumultuous ups and downs in 2014 (pictures)
The best and worst quotes of 2014 (pictures)
A roomy range from LG (pictures)
This plain GE range has all of the essentials (pictures)
Sony's 'Interview' heard 'round the world (pictures)