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

To: rhkohnen who wrote (8797)	11/1/2000 3:38:13 PM
From: TechMkt	Respond to of 15615

Maybe the EXDS deal will close earlier than Q1. Fez _____________________________________ Exodus Commun Gets Antitrust OK For Global Crossing Deal Dow Jones Newswires WASHINGTON -- Exodus Communications Inc. (EXDS) has received antitrust clearance for its pending acquisition of Global Crossing Ltd.'s (GBLX) GlobalCenter Inc. unit, the U.S. Federal Trade Commission announced Wednesday. The agency said the companies have been granted early termination of the waiting period required under the Hart-Scott-Rodino act. Under the merger agreement, the number of shares Exodus will issue will depend on the average closing price of Exodus for 10 days before the closing of the deal. The transaction is subject to a collar that says that if Exodus' average closing price is between $56.40 and $65.55 a share, Exodus would issue shares and options equal to $6.525 billion. If the average price is below $56.40, Exodus would issue 115.7 million shares; if the price is higher than $65.55, Exodus would issue 99.5 million shares. The companies will account for the transaction, expected to close in the first quarter of 2001, under the purchase method of accounting. Exodus Communications, based in Santa Clara, Calif., provides Internet system and network management software for companies with Internet operations. GlobalCenter is the Web-hosting unit of Global Crossing, based in Hamilton, Bermuda. -Kevin Guerrero, Dow Jones Newswires/Federal Filings Business News; 202-628-7667; kevin.guerrero@dowjones.com