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(From MediaNet Press Release Wire)
ASHSURN Va., May 3 /Xinhua-PRNewswire-AsiaNet/ -- MCI, Inc. (Nasdaq: MCIP) today announced that its Board of Directors has unanimously determined that a revised offer from Verizon Communications Inc. is superior to the offer received from Qwest Communications International Inc. on April 21
Verizon's revised offer provides at least $26.00 per MCI share comprised of $5.60 in cash which would be paid upon approval of the transaction by MCI's shareholders, plus the greater of 0.5743 Verizon shares for every share of MCI Common Stock or Verizon shares or cash valued at $20.40. While MCI shareholders benefit from a "floor" of $20.40, they also benefit from the upside potential of an increase in Verizon's stock price
In making its determination and in assessing the latest offers from Verizon and Qwest, MCI's Board carefully weighed the expected range of potential values for MCI's shareholders under each offer as well as the risks to achieving those values
In comparing the financial terms of Verizon's revised offer to Qwest's offer, MCI's Board considered the following factors, among others: the changing competitive nature of …