The saga continues. In response to Qwest's latest offer to buy MCI, MCI's board of directors has agreed to re-open talks with Qwest. Verizon, which has already had its offer accepted twice by MCI, has given the green light. Verizon's waiver will allow MCI to engage in discussions with Qwest at any time until the date of the MCI shareholder vote on the proposed Verizon transaction. That date has not yet been set.
Qwest has stated previously that it will give MCI until Tuesday April 5th to make its decision. If Qwest doesn't hear anything back from MCI by then, it has agreed to withdrawal its offer. But it seems like Qwest has some tricks up its sleeve. The company has hired a proxy consultancy and is looking into taking its case directly to shareholders.