Marketwatch columnist John Shinal believes that the looming proxy battle over MCI might actually be a good thing in the long run.
The problem for the MCI board isn’t that it wants to sell to Verizon; it’s that it’s willing to sell the company for $23.10 a share when MCI’s shares have been trading north of $24 for more than a week. That price means investors think the long-distance provider is worth more, and with good reason. Qwest has said it’s willing to pay $27.50 a share, nearly 20 percent higher than Verizon’s latest bid.
I have been making the same argument for a long time.