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Qwest has increased its bid to $30 a share, an increase of $2.50. The move, puts pressure on the MCI board to consider Qwest advances in preference to a lower bid from Verizon. A deadline of 5pm tomorrow has been set for MCI to respond, saying the bid was "best and final". Additionally it has disclosed commitments from powerful MCI institutional shareholders to back the bid. The bid values MCI a $9.75bn. MCI has consistently recommended the lower bids from Verizon, arguing it would be a strategically better for the new company. However, they have also consistently said they would reconsider if Qwest offered $30. Verizon have hinted that they might increase their own bid. |
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