Word: mci
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Dates: during 1990-1999
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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...
...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...
Indeed, this battle could be influenced as much by the personal styles of the ceos as by the strength of their bids. Vallance, although he flat-out bungled his MCI bid, could use his 20% stake to provide the swing vote in a showdown. He seems more disposed to side with Lee than with Ebbers, who shattered BT's dream of acquiring all of MCI. Lee and Roberts, both engineers, have a common bond, while the defiantly nontechnical Ebbers is a wildcatter who built WorldCom into the fourth largest U.S. long-distance company through a relentless series of deals. "Bernie...
...Ebbers, a former basketball coach, is a gamer who relishes a battle. And he's playing with WorldCom's high-powered stock. Ebbers can easily issue the 820 million new shares needed to acquire MCI in a tax-free deal. Both combinations are sure to raise red flags at the Justice Department and the fcc. The GTE takeover in particular would raise "serious competitive questions," warns FCC chairman Reed Hundt...
...vBNS is contracted out to MCI by the National Science Foundation (NSF)--one of the principal parties involved in forming the current Internet...