TELECOM Digest OnLine - Sorted: MCI Keeps Ownership Cap

MCI Keeps Ownership Cap

Marcus Didius Falco (
Wed, 13 Apr 2005 19:02:33 -0400
Tuesday, April 12, 2005; Page E02

MCI's board of directors said it would not remove the "poison pill"
provision that blocks a shareholder from owning more than 15 percent
of the company's stock. The announcement came after New York-based
Verizon Communications agreed to purchase 13.4 percent of MCI's shares
from Mexican telecom magnate Carlos Slim Helu for $1.1 billion in
cash. The provision prevents Verizon from being able to buy all of MCI
by negotiating deals with other major shareholders. Verizon is trying
to block Denver-based Qwest Communications International from getting
enough shareholder support for a rival deal. Qwest released a
statement saying that MCI's rejection of its latest offer is not
consistent with shareholders' best interests.

<<snip stories on other industries>>

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