US News
No Buyer for Qwest Long-Distance
The Associated Press | June 08, 2009 | 09:06 AM EDT
Qwest Communications says it is calling off the bidding for its long-distance business without finding a buyer.
In a statement Monday, the Denver-based telecommunications company said holding on to its long-distance network would deliver more value to shareholders than a sale.
The company did not say how much the bids it received were worth. But news reports last week indicated Qwest received bids far below the $2 billion to $3 billion the company wanted.
Qwest shares [ Q 4.817 
+0.047 (+0.99%) ] were down in pre-market trading Monday.
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