1. What are the strengths and weaknesses of Verizon, MCI, and Qwest? Where are the synergies in the proposed combinations?
2. Evaluate the two offers. What explains the two structures? In each case, what is the value to MCI shareholders?
3. Consider the WorldCom-MCI merger and the Qwest-US West merger. Trying to avoid hindsight bias, should the boards of MCI and US West have accepted those offers? What is
the obligation to shareholders? Was that obligation fulfilled? What about WorldCom and Qwest? Did their shareholders benefit?
4. Which offer should MCI accept?
