Biggest Investor in MCI Opposes Verizon Deal
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Carlos Slim, MCI Inc.’s biggest investor, said he opposed the company’s planned sale to Verizon Communications Inc., adding to pressure on MCI Chief Executive Michael Capellas to negotiate a better deal.
Verizon’s $6.76-billon offer is too low and an $8-billion bid from Qwest Communications International Inc. also falls short, said Arturo Elias, a spokesman for Slim, who holds a 13.7% stake in Ashburn, Va.-based MCI.
“We find the Qwest offer better, but it’s also insufficient,” Elias said.
Directors at MCI now face pressure from holders of at least 26% of the company’s shares to seek a higher offer. Capellas, who needs support from a majority of shareholders to complete the sale to New York-based Verizon, said Wednesday that he’d reopen negotiations with Qwest.
MCI stock rose 11 cents to $23.66 on Nasdaq.
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