IDT bid fails, Embratel stock falls

Interest in Embratel stock perked up moderately on Wednesday, July 3, in response to news of a 5 billion US dollar bid from IDT Corporation for WorldCom?s local and long-distance assets. IDT operates in several segments, from calling cards and Internet services to fiber-optic networks. Its market cap is only 1.28bn USD and it has cash-in-hand of 1.02bn USD. In short, it?s only worth just over two Embratels. That may explain why the market didn?t take IDT?s bid very seriously: the price of its stock dropped 1.6% on the news. In Brazil, Embratel closed the day down 1.63% on 1.81 reals.

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