Word: worldcom
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Dates: during 1996-1996
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...drilling platforms and hydroelectric-power dams. A lot of these folks can now afford to have things built for them--say, a new house or a swimming pool. Some 1,000 Kiewit workers and retirees reaped an estimated $3.3 billion windfall last week when the long-distance phone company WorldCom agreed to acquire MFS Communications, a provider of local phone service, for about $12.4 billion in stock. The deal completes WorldCom's strategy of becoming a vertically integrated phone company that will challenge the Baby Bells and AT&T by bringing together local, long distance and Internet service...
...correctly anticipating the deregulation of the telecommunications industry. Kiewit then spun off its 40 million shares of MFS to employees last year. The biggest winner was Kiewit CEO Walter Scott Jr., whose 16 million shares of MFS were worth around $750 million as a result of the WorldCom merger...
There's a party-line payout too. Just three weeks before it was acquired, MFS paid the equivalent of $60 a share in stock to acquire UUNet, an Internet-access provider that went public in 1995 for $14 a share. When WorldCom snapped up MFS last week, the former UUNet shareholders also had plenty of reason to celebrate: they found themselves holding stock worth some $98 a share. That's a nice return for a company that earned just $469,000 last year...