MCI Buyout Drama Deepens

The ongoing saga between MCI, Qwest and Verizon deepened Friday as MCI CEO Michael Capellas told investors that his company "would do our utmost to complete the transaction" and make sure the deal with the nation's largest telecommunications company, Verizon, goes through despite a renewed bid from Qwest.

According to Bloomberg News Service, Capellas said that while he would review Qwest's revised bid for MCI, Verizon is still the right partner for the company. We will be "respectful to all parties," he said.

MCI's reluctance to ask Verizon to sweeten the deal has both puzzled analysts and angered shareholders.

"I get so excited about the prospects for our business and then I see the price you're willing to sell it for and it doesn't really compute, or relate to the kind of optimism you express for the business," Omega Advisors Inc.'s Leon Cooperman told Capellas during the call.

MCI's largest shareholders -- such as Mexican billionaire Carlos Slim who owns 22 percent of the company -- have either not decided whether to back the deal, or believe that Capellas is letting MCI go for too little money. According to press reports, four suits have already been filed to stop the merger and more could be coming.