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From Times Staff and Wire Reports
Williams Cos. Rejects LDDS Buyout Offer: The company turned down the unsolicited $2-billion offer for its WilTel long-distance telephone subsidiary, saying the unit is too important to its future. Jackson, Miss.-based LDDS Communications Inc., the nation’s fourth-largest long-distance company, had made the offer. A merger would have created a company that could begin to compete with AT&T;, MCI and Sprint, which collectively account for about 86% of the long-distance market.
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