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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: Luis who wrote (4460)	6/29/1999 9:49:00 PM
From: Scotsman	Respond to of 6846

Here's a little tidbit. May have been posted already. U S West Shares Close Just Below Value of Global Crossing Bid U S West Shares Close Just Below Value of Global Crossing Bid Denver, June 29 (Bloomberg) -- Shares of U S West Inc., which Qwest Communications International Inc. and Global Crossing Ltd. are competing to buy, closed just under the value of Global Crossing's offer, signaling U S West investors may expect the local phone company to chose Qwest. U S West closed at 58 1/16, less than 1/4 of point from the $58.17 a share Global Crossing is offering. Qwest has bid $69 a share for the company. Global Crossing shares fell 2 1/16 to 42 1/2, partly on speculation the company may have to raise its offer to beat Qwest. Qwest fell 1 7/16 to 32 7/8. Shares of acquisition targets typically trade as much as 10 percent below the value of an offer to reflect the risk the takeover won't be completed. The shrinking gap between U S West and Global Crossing's bid shows some investors are voting for Qwest. ''It's telling you the Qwest is offer is better, and we hope to get it,'' said Chris Bedowitz, an analyst at Invesco Funds Group, which owns about 2.32 million U S West shares. To be sure, Qwest's $69-a-share bid is only valid if its shares trade above $30.50 -- just 7.8 percent below today's close. U S West, which provides local services in 14 western states, already has a definitive agreement with Global Crossing and is restricted from negotiating with Qwest or other suitors unless U S West directors determine a rival bid is superior. Global crossing doesn't plan to raise its offers for U S West or Frontier, according to people familiar with the company. Officials from the company, which is building a worldwide undersea telecommunications network, declined to comment. U S West wasn't immediately available. ''This puts pressure on the U S West board to talk to Qwest,'' said Tom Burnett, president of Merger Insight, which tracks mergers and acquisitions. ''It's looking more like Qwest has the lead for U S West.''