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

To: M. Frank Greiffenstein who wrote (1358)	7/16/1999 4:34:00 PM
From: jerryriti	Read Replies (1) \| Respond to of 15615

FWIW: US West, seen in Qwest deal, surges By Jeffry Bartash, CBS MarketWatch Last Update: 3:59 PM ET Jul 16, 1999 NewsWatch WASHINGTON (CBS.MW) -- Shares of Baby Bell US West advanced nearly 4 percent Friday amid speculation that it's about to accept a takeover offer from Qwest Communications International. Board members are expected to meet Friday night to approve an agreement, according to CNBC. US West couldn't be reached for immediate comment. Qwest spokeswoman Christie Weiner declined comment. In late trading, US West (USW: news, msgs) climbed 2 3/16 to 60 on volume of more than 3 million shares. Qwest (QWST: news, msgs) rose 3/4 to 34 11/16. Qwest is trying to wrest both US West and Frontier Corp. (FRO: news, msgs), a smaller, independent local and long-distance carrier, away from Global Crossing. U S West and Frontier had previously agreed to be acquired by Global Crossing, until Qwest entered the fray in June. Shares of Global Crossing (GBLX: news, msgs) shot up 3 1/2, or 8 percent, to 47 1/2. Investors likely are viewing the report that U S West will accept Qwest's offer as good news. Global Crossing shares had been under pressure because of investor concerns that the acquisition would either dilute the value of their shares or that the carrier would be forced to increase its bid to beat the higher Qwest proposal. Global Crossing officials couldn't immediately be reached for comment. US West rejected Qwest's initial takeover offer, citing volatility in its stock. Since then, Qwest has improved its bid with a guaranteed $69-a-share price so long as its stock doesn't fall below $30.50. Global Crossing's offer is for around $60 a share. According to CNBC, Qwest CEO Joseph Nacchio would remain head of the combined entity, which would keep the Qwest name. Yet an office of the chairman will be created for US West CEO Sol Trujillo, resolving one of the sticking points to a deal. US West executives wanted to make sure they had a lot of say in any combination. Global Crossing had offered to make Trujillo a co-chief executive, while Qwest initially was offering a lesser position. Nacchio has previously said he doesn't believe power-sharing arrangements work well. Jeffry Bartash is an online reporter for CBS MarketWatch. cbs.marketwatch.com