Qwest ups bid for MCI - yet again • The Register

Qwest ups bid for MCI - yet again

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By Tim Richardson • Get more from this author

Posted in Financial News, 1st April 2005 11:53 GMT

The bidding war for MCI continues to show no sign of running out of steam following Qwest's decision to sweeten its offer yet again for the US telco.

The wedge on the table currently stands at $8.9bn.

In a letter to MCI, Qwest chief exec Richard Notebaert accused the telco of "complete abdication of its duties to act in the best interest of its shareholders" and requested MCI to "take the steps necessary...to recognize our offer as a Superior Proposal".

Qwest's decision to increase its offer was expected after Verizon increased its bid for MCI to $7.6bn earlier this week.

Responding to Qwest's latest offer MCI said it would "review the revised proposal and respond accordingly". ®