Qwest Communications International Inc. is expected to raise its takeover offer for long-distance telephone and data services company MCI Inc. above $8 billion, sources familiar with the situation said Friday.
The new bid, which would be given to MCI's board early next week, would value the company at more than $24.60 a share, the sources said. The bid would include more cash as currency than under Qwest's current proposal, sources said. The exact mix of cash, stock and dividends could not be determined.
Qwest declined to comment. MCI could not be immediately reached for comment.
MCI had rejected Qwest's previous overtures in favor of a lower $6.75 billion acquisition offer from Verizon Communications Inc. Verizon then gave MCI two weeks to talk with the rival suitor about a merger.
