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Strategies & Market Trends : Angels of Alchemy -- Ignore unavailable to you. Want to Upgrade?

To: SirRealist who wrote (14424)	9/27/2000 11:34:53 PM
From: puborectalis	Respond to of 24256

The Night Watch: Global Crossing Shares Higher on Asian IPO By Angela Privin Staff Reporter 9/27/00 8:47 PM ET Updated from 6:43 p.m. ET Pan Asian joint ventures could become as popular as Pan Asian cuisine. This morning telecommunications carrier Global Crossing said it plans to sell 9.2 million Class-A common shares directly to three strategic investors as part of a private-placement IPO. The company was formed in November as a joint venture between Global Crossing (GBLX:Nasdaq - news), Softbank and Microsoft (MSFT:Nasdaq - news). This latest IPO comes in addition to a previously announced offering of 53 million Class A shares. Global Crossing shares settled 7% higher on the news and rose another $1.93 to $31.81 on 470,000 Island ECN shares. There was also a buzz that Exodus Communications (EXDS:Nasdaq - news) may be close to buying Global Crossing's GlobalCenter Web-hosting unit for about $6.5 billion in stock. This is the second attempt at such a union after the companies dropped initial negotiations two months ago. The Global Center Web-hosting business offers storage and maintenance facilities for Web sites and other Internet services such as applications management. If the deal is struck it will be for a 10-year network services agreement that could mean $4 billion for Global Crossing, Reuters reported. Exodus will use Global Crossing's network for at least two-thirds of its network purchases in Asia, and at least 50% of its purchases in the rest of the world. The companies would also form a joint venture in Asia that will provide Web-hosting services, sources told Reuters. Exodus fell $2.10 to $51.40 on 142,000 Instinet shares after the late-night news.