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Tuesday, March 29, 2005
Verizon vs Qwest for MCI This really is a fascinating business story. At the beginning of the story, you see a great potential for arbitrage. A buyout is offering $23.50, the board seems to want to take the offer, but buyers are paying $23.78. Sell short now, kick over the $23.50 when the board and shareholders approve the deal. Of course there is the danger that Qwest could win out at $26 a share and you'd be screwed. I liked this line: MCI said that in making its determination, its board of directors considered the need for Verizon's size, resources, reputation with customers, and wireless capabilities as key to survival in the telecommunications market. [emphasis added] US West was awful. Qwest is worse. I love to see them lose. Heck, with $17B in debt and awful customer service , they're already doomed. Hell, Q is barely more than a penny stock. I love too that the MCI board is standing in there and saying, "The best interest of our shareholders is a stronger company; the best interest of our shareholders is not a quick payday." And the fact that it pronounces such clear judgement on a weaker rival is awesome. |
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