MCI Accepts Verizon's $7.6 Billion Offer

Tue Mar 29 16:30:18 UTC 2005

MCI Accepts Verizon's $7.6 Billion Offer
Tue Mar 29, 2005 10:48 AM ET 

WASHINGTON (Reuters) - MCI Inc. said on Tuesday it accepted a revised takeover bid from Verizon Communications Inc. worth about $7.6 billion, rejecting a $8.45 billion offer from Qwest Communications International Inc.

MCI said Verizon's revised offer includes $8.75 per MCI share in cash and $14.75 per MCI share in Verizon stock. Of the $8.75, up to $5.60 would be paid to MCI shareholders when the deal closes.

The two companies also increased the termination fee Verizon would be owed if the deal falls through to $240 million. 

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