WorldCom nabs MCI

The prize was a seat at the high-stakes table for the worldwide telecommunications market, and WorldCom looks to have grabbed it.
Written by Michael Fitzgerald, Contributor

WorldCom raised its bid for MCI Communications Corp. from $41.50 to to $50 a share, and MCI announced it had accepted the bid this morning. WorldCom's sweetened $37 billion all-stock bid beat out an earlier bid by British Telecommunications and a $28 billion all-cash offer from GTE Corp.

The deal still needs to be confirmed by regulators.

BT declined to comment, dismissing the reports as rumour.

Material from Reuters was used in this report.

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