Verizon wins MCI's heart
MCI's board of directors has once again accepted Verizon's offer to buy the company.
And the final rose goes toÂ….Verizon Communications. After a month of offers and counter offers from Qwest Communications, MCI's board of directors has finally accepted a new and improved bid from Verizon, according to the Wall Street Journal.
The paper said that Verizon sweetened its previous offer by raising the cash portion of its bid and including protection for MCI shareholders in case Verizon's shares decline.
Just like the reality dating television show The Bachelor, there was relatively little drama at the end. Even though Qwest's offer was higher than Verizon's, most analysts expected Verizon to walk away the winner, since Qwest is viewed as financially inferior to Verizon.