WorldCom, the bankrupt telecoms group that has changed its name to MCI, is looking for approval from the US bankruptcy court to acquire the 39% of Digex common stock that it does not already own for $18 million. The company said last week that it will make an offer to buy Digex’s outstanding common stock as part of its plan to expand its web management services.
If the company is successful in acquiring the common stock, it says it plans to purchase preferred stock and merge Digex with one of its subsidiaries. On Friday it announced that it had agreed to acquire Digex preferred stock from Hewlett Packard for $11 million. This is also subject to bankruptcy court approval.
28-Jul-2003
