February 14, 2005
Valentine's Day Merger
Posted by Christine Hurt

A lot of men (and women) propose on Valentine's Day, and so did Verizon. Verizon's proposal to MCI is valued about $6.75 billion, up from Qwest's $6.3 offer. The official wedding announcement is here.

Interestingly, share prices in MCI dropped while Verizon rose. Perhaps investors were hoping for another suitor.

Meanwhile, I can find no confirmation of pre-Valentine's Day buzz that Ben Affleck would propose to Jennifer Garner today. Of course, it's early in California.

ADDITION: The NYT today reports on page A18 that Qwest raised its earlier bid to $7B. The WSJ reports that the raised bid was $7.3B, but that the MCI board felt that the lesser Verizon bid was superior. Hmmm. I feel like I've read some cases about situations like that.

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