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Company raises MCI bid

Friday, April 1, 2005 | 9:35 a.m.

Signaling its refusal to back down from a two-month bidding war, Qwest Communications International has once again raised its offer for MCI.

The fresh offer of $8.9 billion made Thursday comes two days after MCI's board tried to end the contest by accepting a $7.6 billion bid from Verizon Communications. Qwest's new bid would give MCI shareholders $27.50 a share, with $13.50 in cash and the rest in stock.

Qwest had previously offered $8.45 billion, or $25.60 a share, in cash and stock. The new offer increases the cash component from $10.10 and protects MCI shareholders from a decline in Qwest's share price by guaranteeing that they receive $14 in stock as long as Qwest's shares trade within 20 percent of their current price.

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