Richard Notebaert is pressing on in his bid to buy MCI (nasdaq: MCIP - news - people ), seemingly at any price.
FORBES: Notebaert: Qwest Looks To Raise More Cash For MCI Bid
In the mid-1990s, BT made a bid to merge with MCI (nasdaq: MCIP - news - people ), before MCI was taken over by WorldCom .
The company desperately needs to get its hands on MCI's (nasdaq: MCIP - news - people ) lucrative corporate customers in order to pull off a recovery.
The regional carriers will also be looking closely at number two long-distance carrier MCI (nasdaq: MCIP - news - people ), which has itself been the center of acquisition rumors.
Chances are good that Verizon (nyse: VZ - news - people ) will produce more cash and walk away with MCI (nasdaq: MCIP - news - people ) in the end.
Qwest Communications International (nyse: Q - news - people ) Chief Executive Richard Notebaert is refusing to abandon his campaign to purchase MCI (nasdaq: MCIP - news - people ).
FORBES: Notebaert: Qwest Won't Quit, Makes Bid No. 4 For MCI
In a statement, MCI (nasdaq: MCIP - news - people ) said it has accepted the new bid and that Verizon's (nyse: VZ - news - people ) superior competitive position makes it a more compelling partner than Qwest.
At this point, Qwest (nyse: Q - news - people ) has got next to no chance of snatching MCI (nasdaq: MCIP - news - people ) from the grasp of Verizon Communications (nyse: VZ - news - people ).
The boards of both Verizon (nyse: VZ - news - people ) and MCI (nasdaq: MCIP - news - people ) reportedly approved the acquisition late Sunday night, and the two companies are expected to announce the terms of their agreement later this morning.
Despite the fact that Qwest's (nyse: Q - news - people ) new bid is 19% more than a competing offer from Verizon Communications (nyse: VZ - news - people ), it's likely to receive a chilly reception from MCI (nasdaq: MCIP - news - people ) execs.
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