MCI Accepts Qwest's Latest Offer

MCI’s board has accepted Qwest’s latest offer of $9.7B which me mentioned on Friday had an increased proportion of cash versus equity. Now, apparently, they are giving Verizon 5 days to counter. Um…someone please explain to me the usage of the word “accept” in this ongoing debacle. If, for example, I bid on a new house, and the seller “accepts” my bid, does that mean they now go out to other buyers and ask for more? I’m not sure exactly how the MCI board is using the word “accept”, but in my lexicon, I think it would be “Got your note. Thanks for the offer. Hang on a minute.”

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