Seidenberg: Proxy on MCI OK Soon

New York-- Verizon Communications chairman Ivan Seidenberg said he expects the revised proxy statement for the company’s planned merger with MCI Inc. to be approved by the Securities and Exchange Commission as early as next week.

Seidenberg, speaking at the Sanford Bernstein and Co. Strategic Decisions conference here June 1, said SEC approval of the proxy could come in the next five to eight days, according to a transcript.

He added that the next step after SEC approval is a shareholder vote, which could occur as soon as the first two weeks of July.

Verizon agreed to purchase MCI in early May in a deal valued at about $8.4 billion.

Nearly 30% of the states involved have signed off on the deal, and the Federal Communications Commission and Department of Justice are actively managing the process, he said.