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To: Time Traveler who wrote (3720)	1/8/1999 2:49:00 AM
From: Anthony Wong	Respond to of 11568

An updated report from USA Today (which broke the story): usatoday.com 01/07/99- Updated 10:18 PM ET MCI arms for AirTouch battle MCI WorldCom has hired Wall Street investment bank Lehman Bros. to advise in its possible rival bid for cellular giant AirTouch Communications. Taking on Lehman Bros., which advised MCI in its takeover by WorldCom last year, suggests MCI WorldCom is seriously considering an offer for AirTouch that would exceed the $55 billion bid Vodafone unveiled Tuesday and the $45 billion offer Bell Atlantic recently made. A potential three-way battle for AirTouch Communications whipped the stocks of the involved companies Thursday. AirTouch stock rose 2 1/8 to 82. American depositary receipts of Britain's Vodafone Group fell 4 1/2 to 176 1/4. MCI WorldCom fell 3 1/4 to 75 1/8. Bell Atlantic rose 1/8 to 56. USA TODAY first reported Thursday that MCI WorldCom is considering entering the fray. Experts do not rule out the possibility that other suitors, domestic or international, will emerge soon including, possibly, European cellular heavyweight Telecom Italia. AirTouch "is the biggest wireless property out there and is incredibly valuable," says communications industry analyst Jeffrey Kagan. He expects more formal bids for AirTouch to emerge soon. Executives from Vodafone, Britain's largest cellular phone company, met Thursday with officials from San Francisco-based AirTouch. Meanwhile, Bell Atlantic officials in New York were reportedly discussing whether they should increase their offer. An MCI WorldCom bid would mark a new direction for the company. Led by its charismatic CEO, Bernard Ebbers, MCI WorldCom has been focused on business communications services and not consumer wireless services. But experts say phone companies with broad vision can't ignore the wireless industry, which is growing faster than the traditional phone industry. The hoopla over AirTouch, headed by Chief Executive Sam Ginn, also underscores the heavy consolidation in the communications industry that has helped boost the stock market and stoke antitrust fears. By Thor Valdmanis and James Kim, USA TODAY Contributing: Wire reports.

To: Time Traveler who wrote (3720)	1/8/1999 3:27:00 AM
From: Anthony Wong	Respond to of 11568

MCI in informal approach to AirTouch - Financial Times 12:32 a.m. Jan 08, 1999 Eastern LONDON, Jan 8 (Reuters) - MCI WorldCom Inc. is understood to have made an informal approach to AirTouch Communications to express interest in making a bid for the U.S. wireless carrier, the Financial Times reported on Friday. It said MCI had given no indication of when or if an offer would follow. AirTouch is already the subject of two takeover offers. British mobile telephone firm Vodafone Group Plc is thought to have offered around $55 billion, trumping an estimated $45 billion offer from Bell Atlantic Corp of the United States. The Financial Times said Vodafone's executives met AirTouch officials for the first time on Thursday to discuss the cash and stock offer. On Thursday, a report in USA Today said MCI WorldCom Chief Executive Bernie Ebbers had met close advisers and planned to bid more than $55 billion. However, sources familiar with the company told Reuters no bid had been made and MCI was not actively pursuing AirTouch. The Financial Times said other large U.S. and European telecom companies were also believed to have cast an eye over both AirTouch and Vodafone. A report in the Times said Vodafone had not ruled out raising its bid, but quoted a company source as saying: ''There is a price at which we will walk away.'' Copyright 1999 Reuters Limited. All rights reserved. Republication and redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.