Qwest Gains Upper Hand in MCI Battle

The three month buyout drama between Verizon, Qwest and MCI took a surprising turn over the weekend after MCI's Board of Directors declared Qwest's latest offer, which stands at nearly $9.9 billion, superior to Verizon's. The board on Saturday gave Verizon until April 29 to submit a revised offer.

While MCI's board has accepted the Qwest offer, it still recommends the Verizon agreement. Under the new deal, MCI has until May 3 to change their recomendation. Verizon in a statement said they would continue to weigh their options, including taking the offer to shareholders. "In light of the change in this process, we will consider all of our options and determine how best to serve Verizon shareholders."