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November 24, 1997updated 03 Sep 2016 12:17pm

GTE STILL WAITS IN WINGS WITH CASH OFFER FOR MCI

By CBR Staff Writer

GTE Corp looks to be holding out for a possible failure in the WorldCom Inc/MCI Communications Corp deal. The company had said it would move its headquarters to Washington if its own bid for MCI was successful. Now in a filing at the Securities and Exchange Commission, it said the move would remain on hold while it monitored the WorldCom/MCI deal. The company said it is continuing to monitor the deal and may re-evaluate its position with regard to its $28bn cash offer for MCI made in mid-October. GTE said among the factors it is monitoring is the stock performance of WorldCom, crucial in the company’s all share offer as well as MCI’s stock price. It also says it will monitor the status of the regulatory approval process. Meanwhile, WorldCom and MCI have also filed with the FCC to amend WorldCom’s application for the transfer of MCI’s telecoms licenses to jointly seek the FCC’s approval for a single, one-step transfer to the new company – to be called MCI WorldCom. As part of the amendment, the companies have asked to withdraw WorldCom’s applications related to the interim establishment of a voting trust. The companies anticipate that the merger will close within six to nine months.

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