Spare a thought for WorldCom Inc’s boss Bernard Ebbers today as he stares gloomily at the state of world stock markets and thoughtfully strokes his rapidly greying beard. The value of WorldCom’s all share offer for MCI Corp has been dragged down with all the other stock prices – a problem that goes not afflict rival GTE Corp with its all cash offer. Analysts are already predicting that WorldCom will have to modify its bid to stand any chance of success. Moreover the signs are that British Telecommunications Plc and GTE are moving closer into an alliance which will make it easier for them to snare MCI. And, to add to Ebbers’ misery, the mighty AT&T Corp has abandoned its passive role and could soon be making an intervention of its own.
