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MCI rejects $8.9 billion offer

Wednesday, April 6, 2005 | 9:27 a.m.

DENVER -- The board of MCI Inc. has rejected an $8.9 billion buyout proposal from Qwest Communications, opting instead to go with a lesser offer from Verizon Communications Inc.

In a statement early today, the MCI board said the firm was "not willing to jeopardize the certainty of its Verizon agreement for the uncertainties surrounding the Qwest proposal."

Qwest Communications International Inc., which has made three bids for MCI, plans to evaluate the situation before deciding its next move, Qwest spokesman Steve Hammack said Tuesday night.

"We are weighing our options, and shareholders will dictate the next steps in the process," Hammack said. "MCI's board of directors has chosen to reject what we believe is a superior offer to acquire MCI."

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