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Technology Stocks : Frontier - FRO

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To: Tim Cruise who wrote (228)	8/12/1999 12:57:00 PM
From: Mark Svereika	Read Replies (1) of 245

Tim, you've probably already found out by now, but maybe this will fill in the gaps : The number of Global Crossing shares to be received by Frontier shareholders will be adjusted to produce a value of $62 per Frontier share, as long as Global Crossing shares trade within a range of $34.56 to $56.78 per share (the ?collar?) during a pricing period prior to closing. Outside the collar, Frontier shareholders will receive a fixed number of Global Crossing shares, 1.0919 shares at the top end of the collar and 1.7939 shares at the bottom of the collar. In connection with the transaction, Frontier has granted Global Crossing an option to acquire up to 19.9% of its outstanding shares at $62 per share as well as a break-up fee if the merger is terminated for certain reasons. Shareholders of Global Crossing representing more than a majority of the voting power of the Company have agreed to vote in favor of the merger. In addition, Briefing.com also likes the arbitrage play here. To me, it just plain looks cheap & attractive, given that closing of the deal should happen by Oct. Mark

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