Calais Again Increases Embratel Offer; Files Objection to Proposed Sale of Embratel to Telmex; Latest Offer Provides Immediate, Non-Refundable Payment of $470 Million; Addresses Concerns Expressed by MCI's Board of Directors.

PR Newswire | April 23, 2004 | Copyright

NEW YORK, April 23 /PRNewswire/ -- Calais Participacoes S.A. ("Calais") yesterday filed an enhanced offer with the U.S. Bankruptcy Court for the Southern District of New York to acquire the common stock of Embratel Participacoes S.A. ("Embratel") from MCI, Inc. This modified offer addresses increases the guaranteed immediate payment from $396 million to $470 million and addresses the concerns attributed to MCI's Board of Directors and cited as the grounds for MCI's rejection of Calais' previous offer. The offer also provides an additional $80 million, less any approved ...

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