ASHBURN, Va., March 17 /PRNewswire-FirstCall/ -- MCI, Inc. (Nasdaq: MCIP)
today said it has received a revised merger offer of $10.50 in cash and 3.735
Qwest shares (subject to adjustment under a collar) per MCI share. MCI's
Board of Directors will respond by close of business on March 28, 2005, after
a thorough review of this revised offer.
On February 14, 2005, MCI and Verizon signed a joint merger agreement.
On March 2, 2005, MCI announced its intention to engage with Qwest for a two
week period to review its latest proposal. This engagement was conducted with
the concurrence of Verizon. The two week window to exchange information
between MCI and Qwest officially concludes at close of business today.
MCI, Inc. (Nasdaq: MCIP) is a leading global communications provider,
delivering innovative, cost-effective, advanced communications connectivity to
businesses, governments and consumers. With the industry's most expansive
global IP backbone, based on the number of company-owned points of presence,
and wholly-owned data networks, MCI develops the converged communications
products and services that are the foundation for commerce and communications
in today's market. For more information, go to http://www.mci.com .
In connection with the previously announced proposed transaction between
MCI and Verizon, a registration statement, including a proxy statement of MCI,
and other materials will be filed with the Securities and Exchange Commission
("SEC"). We urge investors to read these documents when they become available
because they will contain important information. Investors will be able to
obtain free copies of the registration statement and proxy statement, as well
as other filed documents containing information about MCI and Verizon, at
http://www.sec.gov, the SEC's website. Investors may also obtain free copies
of these documents at http://www.verizon.com/investor, or by request to
Verizon Communications Inc., Investor Relations, 1095 Avenue of the Americas,
36th Floor, New York, NY 10036. Free copies of MCI's filings are available at
http://www.mci.com/about/investor_relations, or by request to MCI, Inc.,
Investor Relations, 22001 Loudoun County Parkway, Ashburn, VA 20147.
MCI, Verizon, and their respective directors, executive officers, and other
employees may be deemed to be participants in the solicitation of proxies from
MCI shareowners with respect to the previously announced proposed transaction
between MCI and Verizon. Information about MCI's directors and executive
officers is available in MCI's annual report on Form 10-K for the year ended
December 31, 2003. Information about Verizon's directors and executive
officers is available in Verizon's proxy statement for its 2004 annual meeting
of shareholders, dated March 15, 2004. Additional information about the
interests of potential participants will be included in the registration
statement and proxy statement and other materials filed with the SEC.
SOURCE MCI, Inc.