Word: bt
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Dates: during 1990-1999
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...careful to keep a line open to BT, which Ebbers had derided as a vanquished foe three weeks ago. Lee has talked over the years with BT chairman Sir Iain Vallance and MCI's Roberts about a possible combination of the three telecom giants. Lee stressed last week that he would welcome BT, which has held a 20% stake in MCI since 1993, in a combined GTE and MCI. "We share the global vision of our industry that brought MCI and British Telecom together," Lee noted in a "Dear Bert" letter to Roberts...
...BT, which made its own cash and stock offer for the American long-distance firm in November 1996 (and cut the offered price to $21 billion in August), owns a 20 percent stake in MCI. Indeed, BT may now be thinking like a stakeholder...
...WorldCom stock for MCI, the country's second largest long-distance carrier and a company four times the size of WorldCom. The bid demolished British Telecommunication's $18.7 billion offer for MCI just as the two phone giants were preparing to seal their transatlantic deal. It also shattered BT's plan to make the MCI merger the focus of its global strategy, a consequence that didn't much concern Ebbers. "We can realize far greater savings and synergies than BT can," he said, and punctuated the analysis with the plainspoken observation that "they just don't live here...
...Internet, ensuring that it would have the capacity to carry the volume of data--from E-mail to video clips--that Sidgmore sees as the key to growth in the telecommunications industry. Sidgmore and Ebbers spotted their chance last summer when a rift developed between MCI and BT over the price of their carefully negotiated merger because MCI's share price kept falling. Opportunity knocked the moment BT demanded a $5 billion discount off the price it had agreed to pay for MCI, which said in July that it would lose $800 million trying to break into the local-phone...
...that the MCI acquisition is by any means a done deal. MCI management, led by chairman Bert Roberts, had not been heard from as of the end of last week. MCI shareholders will get a chance to vote on the rival offers, and BT could choose to raise its bid, although it can ill afford a bidding war. BT, whose shareholders were unhappy with the MCI deal, may simply decide to walk away. That would leave the company's global strategy adrift but provide a nice $1.3 billion profit on its MCI investment. "The player who benefits most from WorldCom...