Qwest Makes Public Its Bid for MCI

Qwest Communications International Inc., the No. 4 U.S. local telephone company, said it offered $24.60 a share in cash and stock for MCI Inc., going public for the first time about its unsuccessful $8-billion takeover bid.

The per-share offer, given to MCI directors Friday, consists of $15.50 in shares, $7.50 in cash and $1.60 in dividend payments, Qwest said in a Securities and Exchange Commission filing. MCI spurned the offer and accepted a $20.75-a-share bid from Verizon Communications Inc.

By going public, Qwest Chief Executive Richard Notebaert is stepping up pressure on MCI to reconsider his company’s terms.

Verizon shares fell 14 cents to $36.12, and Qwest fell 7 cents to $3.97, both on the New York Stock Exchange. MCI rose 32 cents to $20.87 on Nasdaq.