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In an attempt to bring MCI back to the table, Qwest Communications plans to submit another offer despite having its nearly $8.0 billion offer ignored by the MCI board in favour of Verizon's bid of $6.7 billion.
In a letter sent to MCI's board Thursday and filed with the Securities and Exchange Commission, Qwest chairman and CEO Richard Notebaert expressed heartache over MCI turning down his offer.
In the words of his letter - you can fill the blanks.
The Verizon bid "is substantially less than the consideration Qwest offered to MCI shareholders,"
A deal between Qwest and MCI "is superior to the Verizon proposal because our regulatory approval process is likely to be completed at least six months more quickly." A deal with Qwest would produce more "synergies" than a deal with Verizon.
More Notebaert "to date, we have not received any response from MCI or its advisors on the terms of our February 11 proposal."
Qwest got "substantially less" access to MCI's financial records to conduct due diligence than "other parties."
Qwest intends "to submit a modified offer to acquire MCI, and we would expect MCI and its advisors to engage us in a meaningful dialog regarding the merits of our offer,"
MCI chose to be acquired by Verizon, even though it offered less money, because Verizon was financially stronger than Qwest and provided better long-term prospects for growth in a rapidly consolidating telecommunications industry, industry analysts say. — Internet
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