EX-99 2 dex99.htm PRESS RELEASE Press Release

Exhibit 99

 

NEWS RELEASE    
    LOGO

 

 

FOR IMMEDIATE RELEASE   Media contact:
March 23, 2005   Peter Thonis
    212-395-0500
    peter.thonis@verizon.com

 

Verizon Agrees to Allow MCI Discussions with Qwest Through March 28

 

NEW YORK Verizon Communications Inc. (NYSE:VZ) has agreed that MCI, Inc. (NASDAQ:MCIP) may engage in further discussions with Qwest Communications International Inc. (NYSE:Q) through March 28, subject to the applicable provisions of the Feb. 14 agreement for Verizon to acquire MCI. Following is Verizon’s letter:


Verizon News Release, page 2

 

    LOGO
John W. Diercksen  

1095 Avenue of the Americas

Executive Vice President – Strategy, Development & Planning

 

New York, NY 10036

 

March 23, 2005

 

MCI, Inc.

22001 Loudoun County Parkway

Ashburn, Virginia 20147

 

Ladies and Gentlemen:

 

You and we are party to the Agreement and Plan of Merger dated as of February 14, 2005 among Verizon Communications Inc., Eli Acquisition, LLC and MCI, Inc. (as amended as of March 4, 2005, the “Agreement”). Capitalized terms used without definition in this letter have the meanings ascribed to them in the Agreement.

 

Section 6.5(a) of the Agreement provides that you may not furnish information to or engage in discussions with Persons who make a Takeover Proposal without making certain specified findings. The purpose of this letter is to reflect our agreement that prior to March 29, 2005, you and your Representatives may engage in the activities described in subparagraphs (x) and (y) of Section 6.5(a) of the Agreement with Qwest Communications International, Inc. or its Representatives without having made the determinations contemplated by the proviso immediately following clause (y) thereof. For the avoidance of doubt, nothing in this letter shall relieve you of the obligation to comply with the other provisions of the Agreement, including the other provisions of Section 6.5, or prejudice your ability to make any future determination under the above-referenced proviso.

 

Please signify your concurrence with the foregoing by signing below.

 

Sincerely yours,
VERIZON COMMUNICATIONS INC.
 
John W. Diercksen
Accepted and agreed:
MCI, INC.
 
Michael Capellas
President and Chief Executive Officer

 

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Verizon News Release, page 3

 

Verizon intends to file a registration statement, including a proxy statement of MCI, and other materials with the Securities and Exchange Commission (SEC) in connection with the proposed transaction. We urge investors to read these documents when they become available because they will contain important information. Investors will be able to obtain free copies of the registration statement and proxy statement, as well as other filed documents containing information about Verizon and MCI, at www.sec.gov, the SEC’s website. Investors may also obtain free copies of these documents at www.verizon.com/investor, or by request to Verizon Communications Inc., Investor Relations, 1095 Avenue of the Americas, 36th Floor, New York, NY 10036. Free copies of MCI’s filings are available at www.mci.com/about/investor_relations, or by request to MCI, Inc., Investor Relations, 22001 Loudoun County Parkway, Ashburn, VA 20147.

 

Verizon, MCI, and their respective directors, executive officers, and other employees may be deemed to be participants in the solicitation of proxies from MCI shareowners with respect to the proposed transaction. Information about Verizon’s directors and executive officers is available in Verizon’s proxy statement for its 2005 annual meeting of shareholders, dated March 21, 2005. Information about MCI’s directors and executive officers is available in MCI’s annual report on Form 10-K for the year ended December 31, 2004. Additional information about the interests of potential participants will be included in the registration statement and proxy statement and other materials filed with the SEC.