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Verizon makes informal buyout bid of $6.3 billion

Thursday, Feb. 10, 2005 | 9:29 a.m.

Verizon Communications Inc. made an informal offer to buy MCI Inc. for about $6.3 billion in stock and cash, presenting a challenge to Qwest Communications International Inc.'s bid, the Wall Street Journal said, citing unidentified people familiar with the talks.

The offer by New York-based Verizon, the largest U.S. phone company, is close to Qwest's tentative bid for Ashburn, Va.- based MCI, the newspaper said.

Both sides are discussing MCI's debts, including millions of dollars owed to various states in back taxes, which would affect a final price, the newspaper said.

MCI, formerly known as WorldCom Inc., would give an acquirer a 98,000-mile network for sending calls and information across six continents, and a customer base that includes Hewlett-Packard Co., DaimlerChrysler AG and 75 U.S. federal agencies.

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