Qwest gives up MCI quest

Qwest Communications has ended its efforts to acquire MCI Communications, the company said today.

The decision comes after MCI's board accepted a bid from Verizon that is $4 a share cheaper than Qwest's best offer. In a statement released this morning, Qwest stated that "It is no longer in the best interests of shareowners, customers and employees to continue in a process that seems to be permanently skewed against Qwest. Unfortunately, the latest in a string of decisions reconfirms what we have believed all along: that MCI never intended to negotiate in good faith with Qwest nor maximize shareowner value."