Qwest Communications (Q) (formerly QWST) Message Board

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Technology Stocks : Qwest Communications (Q) (formerly QWST)

Q 75.80

+1.2%

Nov 21 9:30 AM EST

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To: Wally Mastroly who wrote (4464)	6/30/1999 11:01:00 AM
From: Wally Mastroly	Read Replies (2) of 6846

Frontier to meet with Qwest on takeover offer: NEW YORK, June 30 (Reuters) - Frontier Corp. said on Wednesday it would meet with Qwest Communications International Inc. to discuss the long distance phone company's $12.3 billion takeover offer, while also maintaining its existing $11.4 billion merger agreement with Global Crossing Ltd. Frontier (NYSE:FRO - news) said the sweetened Qwest (Nasdaq:QWST - news) proposal ''could reasonably be expected to constitute a superior proposal'' but more information was needed before it could make any final decision. Qwest, the No. 4 U.S. long distance company, last week raised its offers to buy local and long distance telephone company Frontier and local phone company U S West Inc. (NYSE:USW - news),in a second attempt to wrest them away from their current suitor, Global Crossing. Qwest's new bids for both companies are valued at about $48 billion compared to Global Crossing's offers, which are currently valued at about $40 billion. Frontier said its move to meet with Qwest is ''merely a preliminary step'' and the decision ''in no way reflects a change in the Frontier board's current approval and recommendation of the Global Crossing merger agreement.'' Frontier said it notified Global Crossing of its plans to meet with Qwest and it will ''explore Global Crossing's position with respect to the revised Qwest proposal.'' Global Crossing and Qwest did not have an immediate response.

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