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

To: SecularBull who wrote (4575)	3/1/2000 3:51:00 PM
From: TechMkt	Respond to of 15615

Volume is 15.2 million so far!!!

To: SecularBull who wrote (4575)	3/1/2000 7:39:00 PM
From: TechMkt	Respond to of 15615

Looks like GBLX got a great deal for IXnet. This sounds like just one disgruntled shareholder. Fez _________________ IXnet Sued Over $3.8 Bln Purchase of Global Crossing Wilmington, Delaware, March 1 (Bloomberg) -- IXnet Inc., which helps connect financial services companies worldwide, was sued by a stockholder who contends the shares are undervalued in a proposal by Global Crossing Ltd. to acquire the company and its parent for $3.8 billion. Hamilton, Bermuda-based Global Crossing, which owns a worldwide telecommunications network, said Feb. 22 it would buy IXnet and its parent, IPC Communications Inc., to boost sales of Internet services to banks and brokerages. Global Crossing offered to exchange 1.184 of its shares for each outstanding IXnet share and 5.417 of its shares for each IPC share. In a lawsuit filed in Delaware Chancery Court in Wilmington, IXnet shareholder Matthew Koenig says company directors -- some of whom also are IPC directors -- wrongly agreed to a transaction that favors IPC stock owners, despite their legal obligation to get the best price possible for the IXnet shares. ``IXnet's minority shareholders will be deprived of their right to a fair, proportionate allocation of the consideration' unless a judge stops the transaction under its current terms, Koenig says in the suit. To support the allegation, Koenig notes that IXnet shares rose from $52.50 to $55 the day after the announcement, while IPC's shares rose from $140 to $244.25. ``Thus, the marketplace clearly thought that the (offer) was far more advantageous to IPC than it was to IXnet,' the suit says. Shares of Global Crossing, which reported 1998 sales of $424.1 million, rose 4 5/16 to close at 50 15/16 in late trading. Shares of New York-based IXnet, with 1999 sales of $73.6 million, rose 4 3/8 to 57 5/8. Shares of New York-based IPC, with 1999 sales of $339.1 million, rose 21 to 260. Mar/01/2000 18:00