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

To: Wally Mastroly who wrote (4465)	6/30/1999 11:39:00 AM
From: SJS	Read Replies (2) \| Respond to of 6846

Qwest Communications International Inc. (QWST) 33 5/16 +7/16: --UPDATE-- Donaldson, Lufkin, Jenrette initiates coverage of multimedia communications services provider with a "buy" rating and $48 target price..... Remember, DLJ is advising QWST on this takeover deal. However, it's new coverage and I like that price (especially from where we are today). I also have to remember is almost where we were before this all started... Steve

To: Wally Mastroly who wrote (4465)	6/30/1999 2:47:00 PM
From: rest42	Respond to of 6846

Frontier to meet with Qwest on takeover bid By Jessica Hall NEW YORK, June 30 (Reuters) - Frontier Corp. said on Wednesday it would meet with Qwest Communications International Inc. to discuss the long distance phone company's $12.3 billion takeover offer, while also maintaining its existing $11.4 billion merger agreement with Global Crossing Ltd. <GBLX.O>. Frontier <FRO.N> said the sweetened Qwest <QWST.O> proposal "could reasonably be expected to constitute a superior proposal" but more information was needed before it could make a final decision. Qwest, the No. 4 U.S. long distance company, last week raised its offers to buy local and long distance telephone company Frontier and local phone company U S West Inc. <USW.N>,in a second attempt to wrest them away from their current suitor, Global Crossing. Qwest's new bids for both companies are valued at about $48 billion compared to Global Crossing's offers, which are currently valued at about $40 billion. Frontier said its move to meet with Qwest is "merely a preliminary step" and the decision "in no way reflects a change in the Frontier board's current approval and recommendation of the Global Crossing merger agreement." Qwest said it was pleased by Frontier's decision and aims to begin talks immediately. "We are extremely pleased. We believe the Frontier board has acted in the best interest of its shareowners, customers and employees and we look to moving to a definitive agreement as fast as possible," said Qwest spokesman Mike Tarpey. "Discussions will begin today and people will be physically present...very fast. We're not going to drag our feet," Tarpey said. Qwest said it was anxious to hear from U S West. Denver-based U S West could not be immediately reached for comment. Frontier said it notified Global Crossing of its plans to meet with Qwest and it will "explore Global Crossing's position with respect to the revised Qwest proposal." Global Crossing did not have an immediate response. If Frontier eventually decided to accept Qwest's offer, Global Crossing would have three days to respond and possibly launch a counter offer. Frontier would owe Global Crossing a $270 million break-up fee if it terminated their merger pact. Global Crossing may be forced to raise its bid for Frontier to top Qwest's offer and to secure its pending deal with U S West, traders said. "Global really has no chance of winning unless they up their offer....at this point, if Qwest just sits there and Global does nothing, Qwest will win," said one arbitrageur who declined to be named. "Without Frontier, U S West probably not going to go with Global either unless they significantly raised that offer," said the trader, who specializes in takeover stocks. Global Crossing's bid for U S West hinges on successfully winning Frontier. Also, U S West does not fit strategically well with Global Crossing without Frontier, analysts said. Telecommunications upstart Global Crossing is building undersea and international communications networks and sorely needs Frontier's network in the United States, analysts said. Buying U S West would give Global Crossing customer traffic to fill its networks and access to data and wireless phone networks. 13:48 06-30-99 Copyright 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.