Battle for MCI: The Showdown

Over the weekend MCI board decided to take a serious look at Qwest’s almost $9 billion offer. Today, Verizon announced that it will pull out of the bidding if MCI’s board deemed a rival $9.07 billion bid by Qwest “superior.” In other words it is not going to pay more for MCI, and will basically take its dollars elsewhere. From the looks of it, Q might walk away with MCI. “I’d say it (MCI) is overvalued,” Marquis Investment Research analyst Greg Gorbatenko. told Reuters, “Verizon felt like they were going to be left without a date for the prom when SBC went after AT&T. Qwest is basically very desperate.”