Shareholders of long distance provider MCI overwhelmingly approved a plan for Verizon Communications to buy the company for US$8.4 billion, one of the final hurdles for the major telecom merger. MCI said 88 percent of its shareholders voted in favor of the merger, despite attempts by some investors ...
Saying some corporate customers don't want it to merge with Qwest Communications, MCI has again agreed to be acquired by Verizon Communications after that firm made a sweetened offer, raising its price to US$26 per share and possibly putting an end to a lengthy bidding war with Qwest over the last m...
Stocks ended mixed today after a volatile session in which the latest evidence that inflation is creeping into the U.S. economy battled for investor attention with a further drop in oil prices. The Dow Jones industrial average dropped 14.49 points, or 0.14 percent, to close at 10,456.02, adding to a...
Stocks ended mixed and not far from the flat line today as investors stayed on the sidelines to see what direction oil prices would head. A plethora of merger-and-acquisition news wasn't enough to spark buying amid an early surge in oil futures. By day's end, oil prices, which jumped to a new record...
Amid a flurry of business headlines, stocks posted modest gains today after the largest member of the OPEC oil cartel said the group should consider boosting output in order to keep prices at reasonable levels. Oil prices, which hovered near record levels last week, have been a drag on financial mar...
Capitulating to pressure from some shareholders, MCI today said it would hold face-to-face talks with would-be buyer Qwest Communications International, which has offered to pay US$8 billion in cash and stock for the long-distance firm. MCI, whose board has already given the nod to a bid from Verizo...
Not willing to give up its attempts to acquire the last large remaining long distance and corporate communications company, Qwest Communications said it would submit a revised bid for MCI in an effort to wrest the acquisition prize away from cross-country rival Verizon. On Monday, Verizon announced ...
Using its deeper pockets and higher national profile to outlast a rival bidder, Verizon Communications has reached a deal worth around US$6.7 billion to buy No. 2 long distance company MCI. The purchase price includes $4.8 billion worth of stock, $488 million in cash and another $1.5 billion in one-...
In what could be the start of a bidding war for the last major independent long-distance company and its roster of business customers, Verizon Communications reportedly is seeking to acquire MCI. Verizon is reported to have floated what's being described as an "informal bid" of around US$6.3 billion...
Gary Winnick, the founder and chairman of Global Crossing, the telecommunications company that became a symbol of late 1990s corporate excess, will not face a civil insider trading charges from the Securities and Exchange Commission (SEC). Winnick's attorney Gary Naftalis issued a statement saying t...
Qwest Communications announced today that it has agreed to a $US250 million settlement with the U.S. Securities and Exchange Commission. The deal concludes a two-and-a-half year investigation of the company for alleged fraudulent accounting practices by former executives that resulted in the imprope...
The Bush administration said Wednesday it will not pursue an appeal of a court ruling that frees regional telecommunications giants from having to sell wholesale access to their networks to nationwide carriers at discount prices. The decision by U.S. Solicitor General Theodore Olson not to seek Supr...
As though bankruptcy and $3.8 billion in "overstated earnings" were not bad enough, WorldCom has found that another $3.3 billion was improperly reported between 1999 and the first quarter of 2002. The discovery of the additional missing money comes on the heels of a rough period for WorldCom. The...
Qwest Communications has agreed to sell its ASP (application service provider) assets to Corio, Inc. for $15 million in a deal that should be completed in late September. Under terms of the agreement with Qwest, Corio picks up the ASP operations of the telecommunications company's Qwest CyberSolut...
The U.S. Securities and Exchange Commission has filed a civil fraud suit against WorldCom over the company's $4 billion misstatement of financial results during 2001 and the first quarter of 2002. SEC Chairman Harvey Pitt said the move is intended to prevent the type of document destruction that ...
Ban
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Undecided
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