For those interested in the tender, the figures have been revised and USW should take 17.8 per cent of shares tendered.
Tuesday June 22, 7:56 pm Eastern Time
U S West revises Global tender offer count
DENVER, , June 22 (Reuters) - U S WEST Inc., the local phone company weighing two takeover offers, on Tuesday
said it revised the number of shares tendered in its offer for 39.26 million shares, or 9.5 percent of the stock of one
suitor, Global Crossing Ltd. (Nasdaq:GBLX - news)
The revised number of shares tendered is 220,370,572, a reduction of 20,037,585 from the total the company reported
Monday. The revision resulted from a clerical error by one of the tendering shareholders.
The new total of tendered shares will result in a tender of 181,111,267 shares more than the number of shares which U
S WEST offered to purchase under the initial deal. U S WEST said it would determine which shares it will accept in a
few days.
U S West offered to buy Global's stock at $62.75 a share, an offer which was oversubscribed.
Qwest Communications International Inc. (Nasdaq:QWST - news) has persisted in its $33.6 billion bid to acquire U S
West, despite the rejection of the offer by the Baby Bell's board.
On May 17 Global Crossing, the 2-year-old telecommunications company building an undersea and land-based fiber
optic network, agreed to merge in a deal valued at about $37 million. Global Crossing also agreed in March to buy long
distance phone company Frontier Corp. for about $11.2 billion.
Shares of Global Tuesday closed up 1/8 to 47-7/16 on the Nasdaq.
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