Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: Erik H. East who wrote (2575)	6/11/1998 2:10:00 PM
From: Anthony Wong	Respond to of 11568

WorldCom, MCI down on regulatory uncertainty Thursday June 11, 1:23 pm Eastern Time biz.yahoo.com

To: Erik H. East who wrote (2575)	6/11/1998 2:11:00 PM
From: Anthony Wong	Respond to of 11568

MCI, WorldCom revising asset sale, lawsuit reveals Thursday June 11, 1:54 pm Eastern Time biz.yahoo.com

To: Erik H. East who wrote (2575)	6/11/1998 2:21:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 11568

(Bloomberg) Cable & Wireless Filed Suit to Keep MCI From Seeking Bidders Bloomberg News June 11, 1998, 10:12 a.m. PT Cable & Wireless Filed Suit to Keep MCI From Seeking Bidders Washington, June 11 (Bloomberg) -- Cable & Wireless Plc said it filed a lawsuit against MCI Communications Corp. because it expects the U.S. long-distance company to offer its wholesale Internet unit and some additional assets to other bidders. In a complaint filed yesterday in U.S. District Court in Washington, Cable & Wireless said MCI is negotiating with regulators to sell more of its Internet assets to get approval for its $41.8 billion sale to WorldCom Inc. MCI, the No. 2 U.S. long-distance company, said on May 28 it would sell the wholesale operations -- which carries traffic for Internet service providers -- to Cable & Wireless for $625 million in cash. Since then, European antitrust regulators have said the sale wasn't enough to guarantee the combined company won't have dominant control over Internet traffic. ''MCI and WorldCom have reopened or intend to reopen negotiations for the of sale of the (wholesale) business in violation of their contract, resulting in immediate, severe and irreparable harm to Cable & Wireless,'' the U.K. phone company said in the filing. WorldCom and MCI have indicated they're willing to offer more concessions than the sale to Cable & Wireless, said an EU official close to the negotiations who asked for anonymity. Cable & Wireless, Britain's second-largest phone company, said it has exclusive rights to bid on any additional Internet assets MCI may sell. WorldCom's purchase of MCI requires the approval of the European Commission as well as the U.S. Justice Department and the Federal Communications Commission. MCI shares fell 3/8 to 49 3/4 in midafternoon trading, while WorldCom fell 1 1/8 to 42 15/16. --Andrew Brooks (609) 279-4066 and Colleen McElroy (609) 279-4069