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08 Jul 2002
Embattled telecoms giant WorldCom has yet to respond to a $5bn offer made by long-distance telephone and internet service provider IDT for parts of the company.
Embroiled in a $4bn accounting scandal, WorldCom is now seeing vultures circling for parts of its business.
IDT chief executive Howard Jonas said on Friday that the company would be making offers to WorldCom executives, and is consulting with federal regulators and investors over offers for parts of the business.
Jonas explained that, although some WorldCom investors were "ecstatic" about the offer, the company's top brass had yet to respond. He accused them of "hiding" from him.
IDT has offered WorldCom $5.1bn payable over two and a half years for roughly one-third of the company, Jonas said. He added that IDT has no debt and around $1.2bn in the bank.
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