Qwest ups offer for MCI

Qwest Communications has made a revised offer to MCI shareholders, as the takeover battle for the telecom company intensifies.

Qwest Communications has made a revised offer to MCI shareholders, as the takeover battle for the telecom company intensifies.

Qwest has now improved the cash percentage of its original cash/shares offer in an attempt to overturn MCI’s original decision.

The MCI board had already accepted a $6.7bn offer from Verizon Communications, but now said it will consider Qwest’s improved offer "closely".

After MCI announced it had accepted Verizon’s offer for the company it became known that Qwest had already had an $8bn offer rejected. The MCI board justified its preference for the Verizon bid on the grounds that it was in better financial shape than Qwest.

Their decision, however, angered major MCI shareholders seeking better value for their investment.

MCI supports pan-European network connectivity for a number of large companies in Europe, which are part of the 2,650 managed enterprise networks it currently looks after.

Around a quarter of MCI’s £1.11bn revenue comes from the enterprise market so the affect of any takeover on European enterprises could be major.

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