Qwest Readies Renewed MCI Bid

Qwest is refusing to give up in its fight to acquire MCI, preparing to launch a revised offer before the week is out. Although Qwest came in with a higher bid, MCI agreed to sell its global network and customers to Verizon. Some MCI investors are reportedly unhappy with the sale, and lawsuits have been filed to stop the deal.

MCI, however, remains adamant it made the right choice. Verizon, which leads the market, is valued 10 times higher than Qwest and is financially more stable. "After an exhaustive review of the alternatives on the table, we're confident the board made the right decision," MCI spokesman Brad Burns said. Nonetheless, Qwest CEO Richard Notebaert sent a letter to MCI's board last week saying a modified offer was on the way.