Here's what's on the wires.
Fez
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Wednesday September 22, 1:50 pm Eastern Time
Company Press Release
Global Crossing Shareholders Approve Merger With Frontier Corporation
HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 22, 1999--Global Crossing (Nasdaq:GBLX - news), which is building and operating the world's first and most advanced global IP-based datacentric network, announced today that its shareholders overwhelmingly approved the company's proposed merger with Frontier Corporation (NYSE:FRO - news) at Global Crossing's first annual meeting, held at the St. Regis Hotel in New York City.
Under the terms of the current merger agreement, Frontier shareholders will receive 2.05 Global Crossing common shares for each share of Frontier stock. Frontier Corporation's special shareholder meeting to vote on the merger is scheduled for tomorrow, Thursday, September 23 in Rochester, New York.
Global Crossing also announced that it expects to close the merger by the end of September.
``Upon our merger with Frontier, Global Crossing will have one of the most advanced fiber optic networks in the United States, connecting Frontier's 20,000 route miles to the rest of the world through the Global Crossing worldwide network,' said Gary Winnick, Global Crossing Founder and Co-chairman. ``The merger also brings unparalleled web-hosting to Global Crossing, adds one million new customers the very moment we close, and adds nearly 10,000 highly committed people from Frontier to the Global Crossing team.' |
