Quick Links

Mobile Security Industry News

[March 02, 2005]

Verizon: MCI May Engage in Further Discussions with Qwest for Two Weeks, Subject to Agreement Provisions

NEW YORK, March 2 /PRNewswire/ -- Verizon Communications Inc. and MCI, Inc. have agreed that MCI may engage in further discussions with Qwest Communications International Inc. through March 17, subject to the applicable provisions of the Feb. 14 agreement for Verizon to acquire MCI. The following statement has been issued by Verizon:

"Verizon recognizes that it is in the best interests of the stakeholders of both Verizon and MCI to address recent market speculation regarding Qwest's claims that it can deliver greater value to MCI's shareholders. Notwithstanding this speculation, we believe that this process will result in MCI reaching the same conclusion that it reached after seven months of discussions with Qwest.
"Verizon is the best partner for MCI, with the most compelling value proposition for its shareholders. Verizon is a financially strong, diversified communications company positioned for growth across all customer segments with both wired and wireless products. The company has a proven track record of completing transactions and delivering value for customers, employees, bondholders and shareholders."
Following is Verizon's letter to MCI:

Verizon Communications Inc.
1095 Avenue of the Americas
New York, NY 10036

March 2, 2005

MCI, Inc.
22001 Loudoun County Parkway
Ashburn, Virginia 20147

Ladies and Gentlemen:

You and we are party to the Agreement and Plan of Merger dated as of February 14, 2005 among Verizon Communications Inc., Eli Acquisition, LLC and MCI, Inc. (the "Agreement"). Capitalized terms used without definition in this letter have the meanings ascribed to them in the Agreement.
Section 6.5(a) of the Agreement provides that you may not furnish information to or engage in discussions with Persons who make a Takeover Proposal without making certain specified findings. The purpose of this letter is to reflect our agreement that, from and after the date hereof and prior to March 18, 2005 you and your Representatives may engage in the activities described in subparagraphs (x) and (y) of Section 6.5(a) of the Agreement with Qwest Communications International, Inc. or its Representatives without having made the determinations contemplated by the proviso immediately following clause (y) thereof. For the avoidance of doubt, nothing in this letter shall relieve you of the obligation to comply with the other provisions of the Agreement, including the other provisions of Section 6.5, or prejudice your ability to make any future determination under the above-referenced proviso.
Please signify your concurrence with the foregoing by signing below.

Sincerely,

VERIZON COMMUNICATIONS INC.

By: ______________________________
John W. Diercksen

Accepted and agreed:

MCI, INC.

By: _______________________________
Anastasia D. Kelly

Verizon intends to file a registration statement, including a proxy statement of MCI, and other materials with the Securities and Exchange Commission ("SEC") in connection with the proposed transaction. 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 Verizon and MCI, 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.
Verizon, MCI, 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 proposed transaction. 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. 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. 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.
Verizon

CONTACT: Peter Thonis, Verizon, +1-212-395-0500,peter.thonis@verizon.com

Web site: http://www.verizon.com/http://www.verizon.com/investorhttp://www.mci.com/about/i
nvestor_relations

Company News On-Call: http://www.prnewswire.com/comp/094251.html

[ Back To Mobile Security Homepage's Homepage ]

Request a Demo

Weekly Demonstration: SAP Mobile Secure
Solution including SAP Afaria Cloud

Free 30-day Trial

Best MDM in the cloud. Best MDM
Analytics. Best MDM price.

Featured Whitepapers

What Is Your Mobile Content Policy? A Checklist for Content Risk Mitigation
We are living in a world that only 20 years ago was the realm of science fiction. Devices once just barely imaginable have become common consumer items, carried casually in pockets and purses, with constantly growing capabilities.

SAP Enterprise Mobility: Bringing a Cohesive Approach to a Complex Market
Mobility and consumerization are creating complexity in the enterprise, but embracing the change can lead to more productive mobile workers as well as better communications with employees, partners, customers, and consumers. The trends in the enterprise mobility landscape drive a need for technology solutions to emerge.

View All

Featured Datasheets

Securing Enterprise Mobility for Greater Competitive Advantage
We are living in a world that only 20 years ago was the realm of science fiction. Devices once just barely imaginable have become common consumer items, carried casually in pockets and purses, with constantly growing capabilities.

Secure Mobile Content Management for the Enterprise
Every day employees move business files onto their mobile devices so they can work at home, on the road, or at client sites. The mobile workforce is a reality, as 80% of employees say they need to access work documents from outside the office.1 Instead of insecure, consumer-based tools, enterprises need a safe, reliable platform for managing content on mobile devices.

View All

Featured Webinar

Mobile Drives Field Service Productivity at Satellites Unlimited
Field service has never been more competitive or faster changing than it is today. Going mobile is a must to stay ahead of the competition, provide improved services, and keep up with ever-increasing customer expectations.

View All

Featured Webcast

End to End Mobility Requirements: IDC and SAP explore the 3rd Platform
A new IDC study states that we're in the midst of a shift that takes place once every 20 - 25 years - introducing a new technology platform that will inspire growth and innovation for enterprises of all sizes. IDC calls it the 3rd Platform - built on mobile devices and apps, cloud services, mobile broadband networks, "Big Data", analytics, and social technologies.

View All

Featured On-Demand Webinar

Analyst Webcast: Secure Content Management in a Mobile Age
Securing and managing content is taking on new importance as organizations try to cope with the explosion of business-oriented file sharing services while at the same time taking advantage of the proliferation of "smart" mobile devices.

View All