After four months, WorldCom Inc. still remains hopeful it will divest its large stake in $500 million market cap General Communication Inc. (GCI). But the weak telecommunications market may mean that buyers won’t be dialing in with bids anytime soon. Last Nov. 9, WorldCom in a 13D announced that it intended to explore strategic alternatives for its 18% stake in Anchorage, Alaska-based GCI, a provider of long distance and local telecommunications service, as well as cable and Internet offerings (See M&AR, 11/19/01). Then just four days later, WorldCom filed another 13D, stating it would sell only up to a 9% stake in GCI. Presently, WorldCom owns about 17% of the company.
To read the entire story, you must be logged in.
Please log in now or register with us.
