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

To: M. Charles Swope who wrote (2033)	9/21/1999 6:43:00 PM
From: TechMkt	Respond to of 15615

Tuesday September 21 6:09 PM ET FCC Approves Global Crossing Merger WASHINGTON (Reuters) - The Federal Communications Commission Tuesday approved Global Crossing Ltd (Nasdaq:GBLX - news).'s $9 billion acquisition of No. 5 U.S. long distance carrier Frontier Corp. (NYSE:FRO - news) The combination of undersea cable builder Global Crossing, based in Bermuda, and Rochester, N.Y.-based Frontier could increase competition in both domestic and foreign markets, the FCC said. The FCC's approval came just before shareholders of each company meet to vote on the deal. Global Crossing shareholders will vote Sept. 22 followed by Frontier shareholders on Sept. 23. Earlier this month, Global Crossing sweetened its offer for Frontier by 12 percent after a 56 percent decline in Global Crossing's stock price eroded much of the value of an earlier offer. Global Crossing had initially intended also to acquire regional Bell company US West Inc. (NYSE:USW - news) . But No. 4 long distance carrier Qwest Communications International Inc. entered the fray, making bids for both Frontier and US West. In July, the companies struck a deal, with Qwest acquiring US West and Global Crossing buying Frontier. Global Crossing and Frontier together will own an international communications network connecting 170 major cities in 24 countries. Shares of Global Crossing rose $0.375 on the Nasdaq to $25.6875 Tuesday. Frontier shares rose $1.0625 on the New York Stock Exchange to $48.8125.