Qwest's Latest MCI Bid Nears $10 Billion

Calling it its "best and final offer," Qwest Thursday raised its bid for long distance provider MCI to $9.9 billion, or $30.40 a share. This latest offer is some $2.1 billion higher than Verizon's bid, which MCI accepted amid complaints from its shareholders.

According to Qwest, financing has been secured for $7.25 million of the purchase price, and it has also gain commitments on equity from major shareholders.

Qwest has set a deadline of 5pm Saturday for MCI's board to decide if its proposal is superior.

Late Thursday, Verizon issued a statement of its own saying that "we continue to believe Verizon is the best partner for MCI," and will "take the necessary steps at the appropriate time to secure shareholder approval and complete our pending transaction."