MCI Rejects Qwest

By: AP
By: AP

MCI rejected Denver-based Qwest Communications for a third time, opting to pursue the lower offer from Verizon.

Directors of Virginia-based long-distance company MCI say they're not willing to jeopardize the certainty of an agreement with Verizon Communications, for the uncertainties surrounding another merger offer.

Qwest had bid $8.9 billion or $27.50 a share for M-C-I.

Verizon's offer valued the company at $23.10 a share or $7.5 billion.

MCI says it's still concerned about the value of Qwest's stock, and whether the company would be able to achieve pledged cost savings.

Qwest spokesman Steve Hammack says officials are weighing their options.


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