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Technology Stocks : USW US West: New Things Happening Over the Airwaves -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (135)	7/18/1999 3:54:00 PM
From: HandsOn	Read Replies (1) \| Respond to of 161

Collar is 30.50 to 43.50, I just jumped in Friday when I saw Faber come on CNBC. He said if deal is finalized principals will be on CNBC Tomorrow.

To: Larry S. who wrote (135)	7/18/1999 4:13:00 PM
From: HandsOn	Respond to of 161

Out on Reuters, USW accepts 35.6 bln from QWST. That's a hair over 70 per share.

To: Larry S. who wrote (135)	7/18/1999 4:18:00 PM
From: Beltropolis Boy	Respond to of 161

some details ... ----- Telecom saga comes to peaceable end By August Cole and Jeffry Bartash CBS MarketWatch Last Update: 3:55 PM ET Jul 18, 1999 HAMILTON, Bermuda (CBS.MW) -- Global Crossing announced Sunday it alone is pursuing Frontier Corp. in an $11 billion deal while ceding the battle for US West to Qwest Communications. The announcement, in the form of a Global Crossing shareholder letter, signaled the end of the takeover fight between Qwest Communications and Global Crossing. For its part, Qwest's $36 billion bid for Denver-based US West is on track. US West will have to pay a breakup fee of $420 million, according to the Global Crossing letter from CEO Bob Annunziata, and co-chairs Lod Cook and Gary Winnick. A call to Global Crossing wasn't immediately returned Sunday. Global coverage At the heart of the deal is the push by Global Crossing and Qwest to construct global fiberoptic cable networks capable of carrying video, data and voice transmissions. Many analysts expect further consolidation in the telecommunications industry, leaving only a few contenders. Initially, Qwest (QWST: news, msgs) tried to wrest both US West (USW: news, msgs) and Frontier Corp. (FRO: news, msgs) -- a smaller, independent carrier for local and long-distance service -- away from Global Crossing. US West and Frontier had previously agreed to be acquired by Global Crossing, until Qwest entered the fray in June. US West is a regional phone company with operations in 14 states throughout the West and Midwest. US West rejected Qwest's initial takeover offer, citing volatility in its stock. Qwest had improved its bid with a guaranteed $69-a-share price so long as its stock doesn't fall below $30.50. Global Crossing offered around $60 a share. 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. Ahead of the news Friday, shares of Global Crossing (GBLX: news, msgs) shot up 2 1/8, or 4.8 percent, to 46 1/8. Qwest shares rose 1 1/16 to 35 Friday. US West added 2 7/16, or 4.2 percent, to 60 1/5; and Frontier rose 3/16 to 59 1/8 Young, spry Global Crossing, just two years old, has far less revenue and customers and possesses a much smaller network. Still, Global Crossing executives had been out in force the past week, meeting with Frontier investors to try to persuade them to accept its takeover offer. Global Crossing proposed to pay about $63 a share, below the approximately $68 offer from Qwest. Before the deal's announcement, some analysts suggested all the companies would be better off if Qwest ended up with US West while Global Crossing got Frontier. Qwest and Global Crossing both wanted US West for its billions in revenue and millions of customers in their bid to join the ranks of the world's biggest telecommunications carriers.