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The Wall Street JournalThe boards of MCI Inc. and Verizon Communications Inc. late last night approved the takeover of the nation's second-largest long-distance company in a deal valued as much as $6.8 billion in cash, shares and dividends to be paid to MCI shareholders, according to people familiar with the situation, The Wall Street Journal has learned.
At 11 p.m. Sunday night, a deal still hadn't been signed, but that was expected to take place overnight, these people said.
Verizon's board met and approved the deal last night around 10 p.m. and the company planned to announce the acquisition Monday morning, these people said. MCI chief executive Michael Capellas called his counterpart at Verizon, Ivan Seidenberg to congratulate him last night, according to these people.
Qwest Communications International Inc., which launched its own bid for MCI before the weekend, could still try to break up any deal between MCI and Verizon.
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