Four major MCI shareholders criticized the company’s board Wednesday for favoring a $7.5 billion takeover by Verizon over a high-priced offer from Qwest, raising the likelihood that the telecom bidding war will continue.
Like Qwest Communications International Inc., the shareholders were mulling their next step. On Wednesday morning, MCI Inc. rejected a $8.9 billion takeover offer from Qwest Communications International Inc., opting instead to go with a lesser offer from Verizon Communications Inc.
The rejection marked the third time MCI has chosen a lower acquisition offer from Verizon, which last week sweetened its bid to $7.6 billion.
