Posted on 05/02/2005 5:54:39 PM PDT by ken21
Qwest surrenders in war for MCI
By Bruce Meyerson The Associated Press
Post file / Brian Brainerd The logos of Qwest and MCI appear on buildings in downtown Denver in this 2005 file photo.
New York - Denver-based Qwest dropped out of the bidding war for MCI Inc. today after MCI agreed to another new deal with Verizon, rejecting a higher-priced bid from Qwest for the fourth time.
"It is no longer in the best interests of shareowners, customers and employees to continue in a process that seems to be permanently skewed against Qwest," the company said in a statement.
"We pursued MCI with tenacity and discipline and feel strongly that our bid would have brought far more value to MCI shareholders."
A spokesman for Qwest Communications International Inc. said the decision to retreat was "final."
Shares of MCI fell 3 percent after the announcement, dropping below the $26 per share Verizon Communications Inc. has agreed to pay. Qwest had offered $30 a share in cash and stock. MCI fell 84 cents to $25.69 in afternoon Nasdaq trading.
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