Posted on: Wednesday, April 6, 2005

MCI rejects Qwest's buyout bid

Bloomberg News

DENVER — MCI Inc., the second-largest U.S. long-distance telephone company, for the third time spurned a takeover offer from Qwest Communications International Inc. yesterday in favor of a bid from Verizon Communications Inc.

Qwest had offered $8.94 billion, or $27.50 a share. Verizon, the largest U.S. telephone company, agreed last month to pay $7.51 billion, or $23.10 a share, sweetening an earlier offer.

MCI stuck with a view that Verizon, with a market value of almost $100 billion, will be a stronger partner in the battle for large-business customers.