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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: patron_anejo_por_favor who wrote (26668)3/31/2005 2:22:47 PM
From: mishedlo  Read Replies (1) of 116555
 
Qwest makes new bid for MCI at $27.50/shr cash, stock (Q, MCIP, VZ) By Carolyn Pritchard
SAN FRANCISCO (MarketWatch) -- Qwest Communications (Q) on Thursday made its third bid for MCI Inc. (MCIP) , raising its offer to $27.50 a share in cash and stock, or $8.9 billion, according to a filing with the Securities and Exchange Commission. The bid includes $13.50 a share in cash and $14 in stock. It includes a so-called collar provision that protects MCI shareholders should Qwest srock drop below $3.32 a share. The provision also eliminates the 10 percent collar above a $4.15 share price. The specified included liabilities threshold before any price adjustment was raised to $1.775 billion from $1.725 billion, and Qwest included a provision allowing it to substitute up to $2 billion in cash for $2 billion in stock the company would otherwise issue to MCI shareholders by raising up to $2 billion in third party equity financing.
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