Monday, February 21, 2005
MCI shareholder sues to block Verizon deal-lawsuit
An MCI Inc. (MCIP.O: Quote, Profile, Research) shareholder sued to block the long-distance telephone company's $6.6 billion takeover by Verizon Communications Inc.(VZ.N: Quote, Profile, Research) , saying the price was too low.
The lawsuit, which was filed on Friday in Delaware, said MCI and its board of directors breached their fiduciary duties "by depriving MCI's public stockholders of maximum value to which they are entitled."
A copy of the lawsuit, which seeks class-action status on behalf of MCI shareholders, was obtained by Reuters on Saturday.
Read More...
An MCI Inc. (MCIP.O: Quote, Profile, Research) shareholder sued to block the long-distance telephone company's $6.6 billion takeover by Verizon Communications Inc.(VZ.N: Quote, Profile, Research) , saying the price was too low.
The lawsuit, which was filed on Friday in Delaware, said MCI and its board of directors breached their fiduciary duties "by depriving MCI's public stockholders of maximum value to which they are entitled."
A copy of the lawsuit, which seeks class-action status on behalf of MCI shareholders, was obtained by Reuters on Saturday.
Read More...
