MCI’s Board of Directors will continue discussions with Qwest about its $8.4 billion acquisition offer, the company announced late yesterday. In a brief statement, the company said Verizon has agreed to allow the additional discussion.

MCI accepted Verizon’s $6.75 billion takeover bid on Feb. 14, but will now have until March 28 to make a decision on the competing offers.

The competition has gotten nasty this week, as Verizon CEO Ivan Seidenberg and Qwest CEO Richard Notebaert have each stepped up the rhetoric in trying to convince the MCI board to accept their respective offers.

The big question now is whether Verizon will sweeten its bid as rumored, given the rise of MCI’s stock to a level higher than the telephone giant’s original offer, which is worth $20.75 a share. MCI’s stock was trading above $23 Wednesday.

If MCI accepts the Qwest bid, Verizon will have an opportunity to make a counter offer.