JACKSON, Miss.-The Federal Communications Commission extended the timetable for public comment on WorldCom’s application to establish a voting trust in connection with the company’s bid to acquire MCI Communications Corp.
A voting trust would permit the WorldCom offer to be consummated prior to receiving final approvals from the FCC and state Public Utility Commissions.
WorldCom said it asked the FCC to extend the timetable at the request of MCI Communications Corp. and British Telecommunications plc. If accepted, the WorldCom bid would eclipse BT’s planned acquisition of MCI, which had been in the works for nearly a year.
Several sources reported that MCI’s board of directors was scheduled to meet last Friday to discuss the WorldCom bid, but MCI would not confirm the rumor.
According to WorldCom, the FCC has established a timetable for public comment that will begin three days after the start of the WorldCom offer, which will go into effect once its registration statement with the Securities and Exchange Commission is declared effective.
The FCC public notice stated this action does not represent and should not be interpreted to imply or suggest any FCC concern, comment or opinion with respect to any aspect of WorldCom’s voting trust application. The notice also stated the FCC will entertain requests to accelerate the timetable based upon changed circumstances.
