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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: lazarre who wrote (1199)	6/17/1999 10:12:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 15615

[Frontier Corporation Board Maintains Current Course; Determines to Take No Action on Qwest Bid at This Time] ROCHESTER, N.Y.--(BUSINESS WIRE)--June 17, 1999--Frontier Corporation announced today that its Board of Directors has reviewed the unsolicited acquisition offer made by Qwest Communications International Inc. and has determined to take no action with respect to the offer at this time. The Board took into consideration, among other things, the uncertainties surrounding Qwest's simultaneous bid for U S WEST, the financial terms and structure of the Qwest proposal, current market conditions, and the terms of the existing Frontier/Global Crossing Ltd. merger agreement. Frontier's Board directed management to continue to monitor events related to the Qwest proposal, and the Board will take such actions as it deems to be in the best interests of the shareholders of Frontier, consistent with the existing Global Crossing merger agreement. "Our Board discussed the Qwest offer, its impact on our shareholders, and its interplay with the separate Qwest offer to acquire U S WEST. We have carefully evaluated the bid, and we have discussed the issues at length with our advisers," said Frontier Chief Executive Officer Joseph P. Clayton. "The current circumstances surrounding the Qwest proposal do not warrant any change at this time in our current initiatives that are designed to move Frontier's transaction with Global Crossing toward a prompt closing." Added Clayton, "We remain excited about the strategic and financial benefits of the Global Crossing transaction, including the value certainty it delivers to our shareholders. We will, of course, continue to monitor events and, where appropriate, respond in our shareholders' best interests."