MCI Accepts New Verizon Buyout Offer

MCI announced Tuesday that its board had decided to accept an amended offer from Verizon rather than Qwest, possibly ending a month and a half standoff between the three companies as well as shareholders. The new offer is for $7.6 billion in cash and stock - about $1 billion above Verizon's previous offer, but still less than Qwest's latest $8.45 billion offer.

On Monday, Qwest threatened to withdraw its offer on April 5 if no response was heard from MCI. However, even with the recent developments, Qwest still said it may be back. "We still believe our offer creates superior value for shareholders. We are going to assess the situation and determine what is in the best interest of shareholders, customers and employees," a Qwest spokesperson told the Wall Street Journal.