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MCI to Review Revised Qwest ProposalASHBURN, Va., March 31 /PRNewswire-FirstCall/ -- MCI, Inc. today said it received a revised proposal from Qwest Communications International to acquire the company. The revised offer comprises $13.50 in cash (excluding MCI's March 15 dividend payment of $0.40 per share) and 3.373 Qwest shares (subject to adjustment under a collar which fixes the value of the Qwest shares at $14.00 provided Qwest's share price is between $3.32 and $4.15) per MCI share. MCI's Board of Directors will review the revised proposal and respond accordingly. Qwest's previous proposal was $10.10 in cash (excluding MCI's March 15 dividend payment of $0.40 per share) and 3.735 Qwest shares (subject to adjustment under a collar which fixes the value of the Qwest shares at $15.50 provided Qwest's share price is between $3.74 and $4.57) per MCI share. MCI's Current Agreement with Verizon On March 29, 2005, MCI and Verizon amended their joint merger agreement. Under the agreement, each MCI share would receive cash and stock worth at least $23.10, comprising cash of $8.35 per share (excluding MCI's March 15 dividend payment of $0.40 per share) as well as the greater of 0.4062 Verizon shares for every share of MCI Common Stock or Verizon shares valued at $14.75. About MCI MCI, Inc. is a leading global communications provider, delivering innovative, cost-effective, advanced communications connectivity to businesses, governments and consumers. With the industry's most expansive global IP backbone, based on the number of company-owned points of presence, and wholly-owned data networks, MCI develops the converged communications products and services that are the foundation for commerce and communications in today's market. For more information, go to http://www.mci.com/. In connection with the previously announced proposed transaction between MCI and Verizon, a registration statement, including a proxy statement of MCI, and other materials will be filed with the Securities and Exchange Commission ("SEC"). We urge investors to read these documents when they become available because they will contain important information. Investors will be able to obtain free copies of the registration statement and proxy statement, as well as other filed documents containing information about MCI and Verizon, at http://www.sec.gov/, the SEC's website. Investors may also obtain free copies of these documents at http://www.verizon.com/investor, or by request to Verizon Communications Inc., Investor Relations, 1095 Avenue of the Americas, 36th Floor, New York, NY 10036. Free copies of MCI's filings are available at http://www.mci.com/about/investor_relations, or by request to MCI, Inc., Investor Relations, 22001 Loudoun County Parkway, Ashburn, VA 20147. MCI, Verizon, and their respective directors, executive officers, and other employees may be deemed to be participants in the solicitation of proxies from MCI shareowners with respect to the previously announced proposed transaction between MCI and Verizon. Information about MCI's directors and executive officers is available in MCI's annual report on Form 10-K for the year ended December 31, 2003. Information about Verizon's directors and executive officers is available in Verizon's proxy statement for its 2004 annual meeting of shareholders, dated March 15, 2004. Additional information about the interests of potential participants will be included in the registration statement and proxy statement and other materials filed with the SEC. MCI, Inc. CONTACT: Media: Brad Burns, +1-800-644-NEWS or Investors: Susan Watson,+1-703-886-5282, both of MCI, Inc. Web site: http://www.mci.com/http://www.verizon.com/investor |