First suitor sniffing around WorldCom

$5bn put on the table...

IDT yesterday made a $5bn bid to buy WorldCom's local and long distance telephone units. The company said it offered to buy WorldCom's MFS network and Brooks Fiber units which provide local phone services to small businesses in the US, and its MCI unit which provides long distance calls to consumers and small businesses. In a statement the company said: "IDT believes that prompt consideration to its proposal by WorldCom would help prevent further loss of customers and deterioration in value of both these business units." IDT said other financial institutions and telcos could come in on the bid but did not name any potential partners. IDT provides a range of telecommunications services in the US including telephone calling cards, IP phone services and fibre optic networks. The company has gained a reputation for snapping up bankrupt telcos .Recent acquisitions include Winstar Communications and Teligent.