MCI's board of directors has accepted an amended offer from Verizon to acquire the company. Under the amended agreement, Verizon will acquire MCI for $23.10 per MCI common share, not including the 40 cents per share cash dividend recently paid by MCI to its shareholders. MCI's shareholders will receive $23.50 per share including the recent 40 cent dividend, or approximately $7.6 billion in aggregate. According to a Under the amended terms, Verizon may elect to require MCI to put the proposed transaction with Verizon to a vote of the MCI shareholders. MCI has agreed that the "break-up fee" to be paid by MCI to Verizon under certain circumstances will be $240 million, and it has also agreed to reimburse Verizon for up to $10 million in expenses in certain circumstances. Ivan Seidenberg, Verizon's chairman and CEO, said, "Verizon and MCI together create a formidable and highly competitive company delivering a full range of mission-critical voice and data products to businesses and government. We believe our agreement with MCI represents superior value and is a compelling proposition for MCI's shareholders, customers, employees and creditors." murdok | Breaking eBusiness News Your source for investigative ebusiness reporting and breaking news.
MCI Still Going WIth Verizon Over Qwest
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