Word: buyouts
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...betting that MCI shareholders will find his all-cash bid more attractive than Ebbers' higher but riskier offer of stock. Most find cash more fetching. The strategy will force Lee to borrow to the teeth to finance the MCI buyout. The resulting company would have $40 billion in revenues and an unbelievable $54 billion in debt. Lee tried to assure investors that the combined companies would throw off enough cash to cover the interest payments. But the mere thought of that debt burden helped knock nearly $4 off the price of GTE stock last week. GTE finished trading...
...they ever. Just ask MCI. In a bid that would mark the biggest corporate buyout in U.S. history, the country boy from Canada by way of Mississippi last week offered $30 billion in 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...
...century telecom empire. Ebbers "sees the industry at a historic turning point," Sidgmore says. "That's why WorldCom is moving so quickly. "We've made big bets and moved faster than anybody else." Indeed, even as Ebbers was bidding for MCI last week, WorldCom was unveiling a $2.9 billion buyout of Brooks Fiber Properties, which provides local phone service to business customers in more than 30 U.S. cities...
...called CompuServe's buyout by AOL "a humiliating defeat." Far from it. The overwhelming feeling at CompuServe is more like relief--at finally being out from under its former uninterested master, H&R Block. AOL, though surely not the first choice for a new owner, is certainly better than Block. MARK LIBUCHA Hilliard, Ohio...
...other classes. That pushed the average fourth-grade class size from 26 to 32. It also pushed parents over the edge. Within days of hearing the news, a group of parents cobbled together $46,000 to cover the teacher's salary. When city schools chancellor Rudy Crew nixed the buyout, saying it would "adversely affect the opportunity for equity" among the city's schools, the parents went to court and took to the streets. After a week of rancorous meetings, the two sides struck a deal last Thursday that reinstated the teacher, Lauren Zangara, and returned the parents' money...