mci shareholder sues to stop bid a shareholder in us phone firm mci has taken legal action to halt a $6.75bn (£3.6bn) buyout by telecoms giant verizon  hoping to get a better deal.  the lawsuit was filed on friday after qwest communications  which had an earlier offer for mci rejected  said it would submit an improved bid. mci s directors have backed verizon  despite it tabling less money. they are accused of breaching their fiduciary duties by depriving mci shareholders  of maximum value .  according the legal papers filed in a delaware court  verizon is set to pay an   unconscionable  unfair and grossly inadequate  sum for mci  which was formerly known as worldcom. qwest said on wednesday that mci had rejected a deal worth $8bn. a number of large mci shareholders expressed unhappiness at the decision  saying that verizon s offer  made up of cash  shares and dividends  undervalued the company. friday s lawsuit argues that the verizon offer makes no provision for future growth prospects and that consolidation in the us phone industry will put a premium on mci s network  assets and clients. mci s directors have argued that verizon is bigger than qwest  has fewer debts and has built a successful mobile division. chief executive michael capellas spent last week meeting with shareholders in an effort to win their backing.  in 2002  investors in the then-named worldcom lost millions when the company filed for bankruptcy following an accounting scandal. however  the firm - now renamed mci - has put its operations in order and emerged from bankruptcy protection last april. it is a long-distance and corporate phone firm  and would provide the buyer with access to a global telecommunications network and a large number of business-based subscribers. mci shares jumped on friday  hitting their highest level since april 2004 amid speculation that it would be the focus of a bidding war. a takeover of mci would be the fifth billion-dollar telecoms deal since october as companies look to cut costs and boost client bases. earlier this month  sbc communications agreed to buy its former parent and phone pioneer at&t for about $16bn.