MCI Dial «L» for lawsuit

MCI’s board has run out of excuses. The telecoms group formerly known as WorldCom has continued to spurn Qwest’s $8.9bn cash and stock takeover offer even though it is $1.3bn higher than one it has embraced from Verizon. At one time, MCI might have defended this decision citing factors such as the varying qualities of Verizon and Qwest shares. Not anymore. Following this weekend’s announcement that Verizon is to buy a 13% stake in MCI held by Carlos Slim Helu, the MCI board’s credibility is in ...