Wednesday, March 16, 2005

MCI Reviews Revised Qwest Proposal

MCI's Board of Directors is reviewing a higher acquisition offer from Qwest Communications of $10.50 in cash and 3.735 Qwest shares (subject to adjustment under a collar) per MCI share.

On February 14, 2005, MCI and Verizon signed a joint merger agreement. On March 2, 2005, MCI announced its intention to engage with Qwest for a two week period to review its latest proposal. This engagement was conducted with the concurrence of Verizon. The two week window to exchange information between MCI and Qwest officially concludes at close of business on 17-March-2005.