WorldCom Slips on Restructuring

By TSC Staff ,

WorldCom (WCOM) was down 0.9% after it announced it had received shareholder approval to split its stock into two, to reflect the difference between its long-distance business and its fast-growing data and Internet operations.

The new stock, which will begin trading Friday under the ticker MCIT, will cover its

MCI Group

long-distance and Internet dial-up access services, while WCOM will reflect the data and Internet operations and corporate telecom services. The deal means 25 current shares will now be worth 25 shares of WCOM and one share of MCIT.

The company also said it had no interest in a merger or takeover unless "the price was right."

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