|
GTE still fighting for MCI
|
 |
November 13, 1997: 8:28 a.m. ET
Company says its $40 offer remains on table despite WorldCom deal
|
NEW YORK (CNNfn) - GTE Corp. says its $40-a-share bid for MCI Communications Corp. remains on the table, despite the fact WorldCom has reached a deal to pay $51 a share for the nation's No. 2 long-distance carrier.
A GTE spokesman told The Wall Street Journal its original offer is still on the table. However, at least publicly, GTE says it is unwilling to match or exceed the $51 already on the table from WorldCom.
GTE officials say they don't believe MCI is worth $51 a share.
Some say GTE still believes there's a possibility the MCI-WorldCom deal could unravel. Shares of WorldCom dipped just below $29 a share Wednesday -- that's the minimum price at which WorldCom would guarantee a purchase price of $51 a share.
MCI said WorldCom's stock drop would have no effect on the merger. A spokesman said the company is still "firmly behind" the deal and would not be moved by expected stock fluctuations.
WorldCom's stock also fell more than $6 a share just after it announced its $14 billion purchase of MFS Communications. However, within four months, it was back at its previous level.
|
|
|
|
|
|
MCI
WorldCom
GTE
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
