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Strategies & Market Trends : Rande Is . . . HOME

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To: HandsOn who wrote (9784)	7/18/1999 10:11:00 PM
From: Rande Is	Read Replies (3) of 57584

Looks like 69 is the magic USW number. . .Congrats. . . .Here is story: NEW YORK, July 18 (Reuters) - The takeover battle for U S West Inc. and Frontier Corp. ended in a compromise on Sunday as U S West accepted an unsolicited merger offer from Qwest Communications International Inc. and Frontier Corp. chose to stay with its existing partner, Global Crossing Ltd. Global Crossing (Nasdaq:GBLX - news) reaffirmed its definitive $11 billion or $63 a share merger agreement with local and long-distance phone company Frontier (NYSE:FRO - news) after Qwest (Nasdaq:QWST - news) withdrew its competing $12 billion bid. The Global Crossing-Frontier deal is set to close in the third quarter. Meanwhile, U S West (NYSE:USW - news), the smallest of the five Baby Bell local phone companies, terminated its $31 billion merger pact with Global Crossing and accepted Qwest's $36 billion deal, or $69 a share. Global Crossing said it was not in its shareholders' best interest to raise its bid for U S West to match or exceed Qwest's offer. ''We did not think it would be in our shareholders' best interest to continue to increase the bid...because it seemed like it would become nothing but a bidding war with some people saying (Qwest Chairman) Joe Nacchio was willing to do this at any price. And I don't do anything at any price,'' Global Crossing's Chief Executive Bob Annunziata said in a telephone interview. The compromise allows both suitors to win the assets they needed most and avoid a costly and protracted bidding war, analysts said.

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