I don't think this is what I would call a dream. It is one possibility among several possibilities. It is probably less of a dream than shelling out $28b for MCI, given BT's and MCI's current projects and synergies. As a 20% shareholder, BT is in a good position to play a major role in MCI's eventual suitor.
I would venture that the investment bankers are going through all kinds of possibilities, including spin-offs, split-ups, various financing deals with cash, stock, combinations of both. Management is required to act in the shareholders' best interest, in evaluating their deals, and know they will have to defend their position in court against disgruntled shareholders. It is the nature of the beast.
GTE/BT/MCI is a distinct and practical possibility based on GTE and BT's comments regarding the acquisition, and their relationships with each other. As many have stated, things will unfold in ways different than we see them now, and we have not heard from AT&T yet (remember them). |
