ASHBURN, Va., April 22 (UPI) -- Denver-based Qwest has made what it says is its final bid to acquire MCI, offering $30 a share compared to Verizon's $23.10 a share.
MCI, which is scheduled to hold its annual shareholder meeting May 16 in Ashburn, Va., was given until Saturday afternoon to accept or reject Qwest's offer, the Denver Post reported Friday.
Qwest told MCI's board it will withdraw the $9.75 billion offer at 3 p.m. Saturday if it isn't declared superior to the Verizon bid that MCI has already accepted.
The move is an indication of how desperately the debt-strapped Qwest wants MCI's rich portfolio of corporate and government clients and its roughly $5 billion in available cash, the Post said.
Qwest's latest offer is too sweet to turn down unless Verizon ups its bid, experts said.
MCI said it is reviewing the new offer.
New York-based Verizon said it would "take the necessary steps at the appropriate time to secure shareholder approval and complete our pending transaction."
