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

To: M. Frank Greiffenstein who wrote (1248)	6/28/1999 10:36:00 PM
From: biffpincus	Read Replies (1) \| Respond to of 15615

<<but my impression is that the agressor rarely wins.>> Isn't there a good chance that if qwst's bid fails, than the market could return Qwest to its pre-takeover share price (i.e, the mid-40's). Also, it is my understanding that QWST itself is a takeover candidate. Either way, QWST seems to be poised for either graduation into the telecommunication big leagues as an acquirer, or an attractive prize to someone with a larger grasp ... p.s. here is QWST's response to Frontier's rebuff... Qwest Responds to Frontier Press Release DENVER, June 28 /PRNewswire/ -- In response to the press release issued this evening by Frontier Corporation, Qwest Communications International Inc. (Nasdaq: QWST - news) said it will not revise its current proposal to acquire Frontier based upon the factors mentioned by Frontier in their release. Noting that Frontier's Board continues to evaluate the Qwest offer, the company said, ''As our proposal is superior, particularly in light of Frontier's announcement this evening, we would expect the Frontier shareowners' best interests would be served by a prompt affirmation of our offer so that we may proceed together. Time, of course, is of the essence to us and the Frontier shareowners.'' Qwest remains ready to meet with Frontier's Board to address all aspects of its proposal.

To: M. Frank Greiffenstein who wrote (1248)	6/29/1999 8:45:00 AM
From: Teddy	Respond to of 15615

yes, Frontier does have a Shareholder Rights Plan. Maybe i'll read it sometime. SHAREOWNER RIGHTS PLAN Rochester, NY, April 10, 1995 -- Frontier Corporation (NYSE:FRO) announced today that its Board of Directors has adopted a Shareowner Rights Plan, designed to protect existing common shareowners from unsolicited and unfavorable takeover attempts. According to Frontier, the newly adopted Plan is similar to plans adopted by many public companies and should provide a sound and reasonable means of safeguarding the interests of all shareowners, should an effort be made to acquire the Company at a price not reflective of its fair value. In connection with the adoption of this Plan, the Frontier Board declared a dividend of one preferred share purchase right for each outstanding share of Frontier common stock. Each right, which is not presently exercisable, entitles the holder to purchase one one-hundredth of a share of Frontier preferred stock at an exercise price of $80. In the event that any person acquires 20% or more of the outstanding shares of common stock, each holder of a right (other than the acquiring person or group) will be entitled to receive, upon payment of the exercise price, that number of shares of Frontier common stock having a market value equal to two times the exercise price. In addition, under certain circumstances, the Board of Directors has <PAGE> the option of exchanging shares of common stock for unexercised rights at an exchange ratio of one share per Right. The distribution of the rights will be made on April 24, 1995, payable to shareowners of record at the close of business on that date. The rights will expire on April 24, 2005. The rights distribution is not taxable to shareowners. Details of the rights distribution are contained in a letter which is being mailed to all shareowners of record. Full text from edgar: freeedgar.com

To: M. Frank Greiffenstein who wrote (1248)	7/1/1999 7:49:00 AM
From: Teddy	Respond to of 15615

i don't know what this is all about, but i'm going to the beach for a few days while they do what ever it is that they are going to do. The Wall Street Urinal -- July 1, 1999 Technology Journal: Takeover Talks Between Qwest, Frontier Hit a Snag Over Confidentiality Pacts ---- By Rebecca Blumenstein and Stephanie N. Mehta Staff Reporters of The Wall Street Journal NEW YORK- Qwest Communications International Inc. hasn't yet been able to reach the confidentiality pacts needed before executives can meet with Frontier Corp. to discuss Qwest's unsolicited $12 billion acquisition offer. People close to the situation say the Rochester, N.Y., phone company has asked Qwest to agree to terms for a confidentiality pact before any negotiations begin. Such an arrangement would include a standstill pact that would block Qwest from entering another unsolicited bid. So far, people close to the situation say Qwest is unwilling to go along with such an agreement, though company officials remain optimistic. Frontier announced earlier yesterday that it would open negotiations with Qwest, and the two sides could still meet soon to explore the sweetened bid Qwest put on the table a week ago. A Denver long-distance phone company, Qwest has offered about $47 billion to break up Frontier and U S West Inc.'s previous agreements to merge with fellow telecom upstart Global Crossing Ltd. Global Crossing, based in Hamilton, Bermuda, operates an undersea cable across the Atlantic. And the rivalry to win Frontier and U S West has evolved into one of the biggest takeover battles in recent years. In a move apparently intended to create a friendlier atmosphere, Frontier's chief executive officer, Joseph Clayton, called Joseph P. Nacchio, Qwest's chief executive officer, yesterday morning to tell him personally about the Frontier board's decision. Frontier acknowledged in a public statement that Qwest's bid, which tops Global Crossing's latest bid by about $900 million, "could reasonably be expected to constitute a superior offer." Still, Frontier officials said the expected Qwest negotiations aren't an indication that their deal with Global Crossing is off. In an interview, Qwest's Mr. Nacchio said he looked forward to sitting down at the table with Frontier officials. "I think the corner has turned for us in terms of momentum," he said. Qwest rose 18.75 cents to close at $33.0625, and Global Crossing rose 12.5 cents to close at $42.625, both on the Nasdaq Stock Market, while Frontier gained 50 cents to close at $58.625 in New York Stock Exchange composite trading. For now, Mr. Nacchio said he expects to get a sense within the next few days as to whether Qwest will prevail in its bid for Frontier. He didn't rule out raising his bid, or changing some of the terms. "Within reason, everything is on the table," Mr. Nacchio said.