TELECOM Digest OnLine - Sorted: US Investor Seeks to Block MCI Sale to Verizon: Report

US Investor Seeks to Block MCI Sale to Verizon: Report

Lisa Minter (lisa_minter2001@yahoo.com)
21 Feb 2005 13:24:14 -0800

NEW YORK (AFP) - A disgruntled US shareholder has reportedly filed a
lawsuit against MCI seeking to block the telecom group's potential
take-over by Verizon Communications.

The news comes as Qwest Communications mulls what it says will be a
better offer for MCI than that made by Verizon's 6.75 billion dollar
play which has already been accepted by MCI's board.

The Financial Times said MCI shareholder Joseph Pojanowski has filed
suit in Delaware claiming MCI and its board breached their fiduciary
duties "by depriving MCI's public stock-holders of maximum value to
which they are entitled."

The suit also seeks class action status.

Pojanowski's suit also demands that MCI's board hold an auction of the
long-distance telecom group and open negotiations with any genuine
bidder.

Some of MCI's biggest shareholders have also recently spoken of their
concerns about the value of Verizon's bid.

Wall Street is closed Monday for the Presidents' Day holiday. On
Friday, MCI closed up 1.65 dollars at 22.31 dollars while Verizon
closed down 37 cents at 35.31 dollars.

NOTE: For more telecom/internet/networking/computer news from the daily
media, check out our feature 'Telecom Digest Extra' each day at
http://telecom-digest.org/td-extra . New articles daily.

*** FAIR USE NOTICE. This message contains copyrighted material the
use of which has not been specifically authorized by the copyright
owner. This Internet discussion group is making it available without
profit to group members who have expressed a prior interest in
receiving the included information in their efforts to advance the
understanding of literary, educational, political, and economic
issues, for non-profit research and educational purposes only. I
believe that this constitutes a 'fair use' of the copyrighted material
as provided for in section 107 of the U.S. Copyright Law. If you wish
to use this copyrighted material for purposes of your own that go
beyond 'fair use,' you must obtain permission from the copyright
owner, in this instance AFP News Service.

For more information go to:
http://www.law.cornell.edu/uscode/17/107.shtml

Post Followup Article Use your browser's quoting feature to quote article into reply
Go to Next message: Lisa Minter: "Our Waste Howling 'Cyberness'"
Go to Previous message: Boat: "Re: A Silly Question - 2-Line Phone With One Phone Number?"
TELECOM Digest: Home Page