Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Teddy who wrote (1975)	9/17/1999 8:00:00 PM
From: TechMkt	Read Replies (1) \| Respond to of 15615

$45.2 billion merger to be completed 30 June 2000. It looks like Nacchio is selling shares. This news was released after the bell. Usually not a good sign for the stock. Both companies being in Denver should help, but historically mergers of that magnitude are very hard to manage. Look at Digital and Compaq. I think GBLX and FRO are a perfect fit. Fez ______________________ Qwest's Nacchio to Receive $26 Million for Growth Shares Denver, Sept. 17 (Bloomberg) -- Qwest Communications International Inc. Chief Executive Joseph Nacchio will be paid $26 million for certain shares as Qwest and U S West Inc. seek to retain executives after their planned merger, the companies said. Nacchio, who is Qwest's chairman, will receive a payment of $25.5 million, and another payment of $750,000 by Jan. 1, 2001. The payments account for so-called ``growth shares' he received before Qwest's 1997 initial public offering. The information was included in a filing today with the U.S. Securities and Exchanging Commission. Also, Nacchio's salary will increase to $1 million from $680,000, and his target annual bonus will increase to 150 percent of his salary, from 110 percent, the companies said. Qwest, the No. 4 U.S. long-distance company, and U S West, which provides local phone service in 14 western states, expect to complete their $45.2 billion merger by June 30. Nacchio also was awarded 9 million options with a strike price of $28.50 each. If the merger is not completed, these will vest on a 10-year schedule, ending on May 13, 2009. If it is, they will vest on a four-year schedule. U S West President and Chief Executive Solomon Trujillo received 1 million U S West options in August, at a strike price of 54 5/16. He will receive another 2 million options in January, for which the strike price isn't yet set, said David Banks, a U S West spokesman. When the merger is completed, Trujillo's options will be converted to shares in the new company, at a ratio to be determined, Banks said. The options vest in equal parts over a four-year period, to begin Aug. 6, 2000. Trujillo also has been granted a restricted stock award of 300,000 shares. Trujillo, who will be a chairman of the new company along with Nacchio and Qwest founder Philip Anschutz, will also be president of the new company's local broadband and wireless units. Nacchio will be chief executive officer of the new company, to be called Qwest. Shares of Qwest rose 3/4 to 30. U S West rose 3/4 to 56 15/16. Both companies are based in Denver. Sep/17/1999 19:01