MCI Receives Revised Proposal from Qwest

HostReview.com
Friday, April 22, 2005; 04:39 PM

MCI, Inc. (www.mci.com) today said that it received a revised proposal from Qwest Communications International to acquire the Company.

The revised offer comprises $16.00 in cash (excluding MCI's March 15 dividend payment of $0.40 per share) and 3.373 Qwest shares (subject to adjustment under a collar which fixes the value of the Qwest shares at $14.00 provided Qwest's share price is between $3.32 and $4.15) per MCI share. MCI's Board of Directors will review the revised proposal.

On March 29, 2005, MCI and Verizon amended their joint merger agreement. Under that agreement, each MCI share would receive cash and stock worth at least $23.10, comprising $8.35 (excluding MCI's March 15 dividend payment of $0.40 per share) as well as the greater of 0.4062 Verizon shares for every share of MCI Common Stock or Verizon shares valued at $14.75.