Qwest continues its fight
Qwest plans to take its fight to shareholders after MCI's board rejects its offer again.
Qwest Communications just can't seem to take a hint.
Even after MCI rejected its offer to buy the company this week for the third time, Qwest won't give up the fight. Now that it's crystal clear that MCI's board of directors isn't interested in Qwest, the smallest of the Baby Bells looks like it's taking its case directly to shareholders. On Wednesday the company hired a proxy advisor called the Altman Group to help it organize shareholders to vote on the takeover bid.
The New York Times and Wall Street Journal are reporting that Qwest is also considering raising its offer for the company once again.
The long and dragged out fight for MCI has been great for MCI investors. Qwest's tenacious pursuit has forced Verizon to raise its bid by another billion dollars, not too shabby. The company's stock price has also been on the rise as speculation about Qwest's next move circulates.
But all the back and forth bidding and counter bidding has made Qwest, which is already considered the weakest of the Baby Bells, look like a desperate loser that just won't get the hint.
It reminds me of a scene in the Jim Carrey movie "Dumb and Dumber" when Carrey's character, Lloyd Christmas, asks out the red-headed love interest in the movie, Mary Swanson. She tells him there's a one in a million chance that she would ever go out with him. And Carrey with a twinkle in his eye says, "So there is a chance!"