Qwest ups MCI bid

Telecom supplier Qwest Communications has not given up its fight to buy MCI, despite being rejected by the MCI board.

Telecom supplier Qwest Communications has not given up its fight to buy MCI, despite being rejected by the MCI board.

Qwest has now increased its cash and shares bid to $9.74bn (£5.41bn), which is about 30% higher than the price the MCI board has accepted from rival suitor Verizon Communications.

Qwest said it latest bid was “final” and that MCI had until Saturday to accept it. MCI has already accepted a $7.5bn bid from Verizon.

MCI maintains that Verizon is in better financial shape to absorb it and has the support of industry analysts with its stance.

But MCI will now have to take a close look at Qwest's latest offer or face the wrath of some MCI shareholders seeking to make at least short-term financial gains.

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.

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