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 (
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

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.

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