Will GBLX shareholders get shares of Asia Global Crossing. I thought the answer was yes according to Winnick.
Fez
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Global Crossing's GlobalCenter Preparing for IPO
Sunnyvale, California, Feb. 1 (Bloomberg) -- Global Crossing Ltd.'s GlobalCenter Inc. is targeting an initial stock offering by mid-2000, and its Asia Global Crossing division could offer stock by the fall, GlobalCenter Chief Executive Leo Hindery said.
The company, which provides servers and related equipment to run Internet sites, had anticipated filing at the U.S. Securities and Exchange Commission in the first half of this year. ``We'll do that easily,' Hindery said in an interview.
The company's Asia Global Crossing division, a joint venture with Microsoft Corp. and Softbank Corp. that's building an 11,000- mile cable network linking Japan, Hong Kong, China, South Korea, Malaysia and the Philippines, is considering a fall initial stock sale, Hindery said.
``Those are conversations and deliberations that are under way, but no decision has been made,' he said. A decision will be made with Microsoft and Softbank.
Global Crossing promised its partners that it would pursue an IPO for Asia Global Crossing when they agreed to pay $350 million for a 7 percent stake in the unit last year, Chairman Gary Winnick said in September.
He also said the company planned to make its Asian unit a separate public company within 18 months to raise capital and boost the value of its partners' investments.
Global Crossing shares fell 3/16 to 50 9/16. They've risen 80 percent in the past 12 months. The Hamilton, Bermuda-based company has operations in Rochester, New York; Los Angeles; and Morristown, New Jersey. GlobalCenter is based in Sunnyvale, California.
Feb/01/2000 16:20 |
