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Verizon ups bid for MCI

Verizon has increased its bid for MCI, again.

Marguerite Reardon Former senior reporter
Marguerite Reardon started as a CNET News reporter in 2004, covering cellphone services, broadband, citywide Wi-Fi, the Net neutrality debate and the consolidation of the phone companies.
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Marguerite Reardon

Could the third time be a charm for Verizon?

MCI has once again accepted VerizonÂ’s offer to buy the troubled long distance carrier. On Monday, Verizon said it would increase its bid for MCI to at least $26 a share, bringing the total price tag to $8.4 billion. Even though this price is still lower than QwestÂ’s latest offer, MCIÂ’s board has once again agreed to go with VerizonÂ’s offer. QwestÂ’s most recent offer is valued at round $9.74 billion.

This is the third time the board has accepted Verizon’s offer to buy the company. So does this mean that the four month “who will end-up with MCI” saga is finally over? Probably, not. Qwest could increase its bid again.

But even after a buyer is finally agreed upon, there are the regulatory hurdles that the companies must jump through. This story will likely be dragged out for most of the year.