Qwest says it is no longer interested in MCI, and has decided that it is going to go its own merry way. It fought hard, and it fought long, but in the end it was like that relationship where a man is obsessed with the damsel, but the gal thinks he is just a gab. Many headlines later, Qwest issued a statement which said - :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. We pursued MCI with tenacity and discipline and feel strongly that our bid would have brought far more value to MCI shareholders.” More here.
Battle for MCI: Verizon Wins (Almost)
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12:06 PM PT
[...] Five months after calling it quits, and with FCC approval of the Verizon-MCI merger on cards, Qwest is reconsidering making a hostile bid for MCI, reports Denver Post. The new interest is prompted by hedge fund Deephaven Capital Management which is lining up support to put a dagger into the Verizon-MCI deal. MCI shareholders vote on the deal on October 6, 2005. Lot of people it seems are upset with MCI’s decision to spurn Q’s $9.75 billion offer in favor of a $8.44 billion Verizon bid. And just when you thought, things were settling down in the telecom world…. Update: Qwest denies desire to bid for MCI again. In Wired Posted Tuesday, September 27, 2005 at 8:10 AM PT [...]
2:03 PM PT
[...] Michael Capellas has made a career out of taking over sinking ships, applying a slick paint job, and then flipping them to someone willing to buy. A few months after doing that, he exits, whistling and with a few million dollars in his pocket. He sold Compaq to HP, and pocketed about $20 million. Then more recently he sold MCI to Verizon, and has now left the building with $39.2 million. (He’s done really well in playing clean-up.) (AT&T’s David Dorman made chump change in comparison, for actually selling a company that was finally turning the corner.) Now as one reader points out that given MC’s history, Verizon should be worried. Look what Compaq did to HP! [...]
2 comments so far
1:14 PM PT
The real is question is where does this leave Qwest? Nowhere good, I say.
1:19 PM PT
i agree. it is time for them to start drawing up 4 sale papers/
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