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

To: Raymond Duray who wrote (1088)	6/6/1999 7:10:00 PM
From: MileHigh	Respond to of 15615

Sunday June 6, 11:27 am Eastern Time Global Crossing considers $1 bln Esat bid -paper DUBLIN, June 6 (Reuters) - U.S. cable firm Global Crossing is considering a $1.0 billion takeover bid for Esat Telecom Plc, Ireland's second-largest phone operator, the Sunday Times reported. The Irish version of the newspaper quoted sources close to company as saying that Esat Chief Executive Denis O'Brien was prepared to sell his stake, but not for less than $50 a share -- which would value the firm at $1 billion. Esat shares closed at $40.75 in New York on Friday. A spokesman for Esat was not immediately available for comment. The newspaper quoted industry sources as saying that Global was among several companies looking to acquire Esat. An Esat takeover would be one of the largest in Irish corporate history and follows the 535 million Irish pound purchase of Cablelink, Ireland's largest cable operator, by U.S. telecommunications firm NTL in May. The newspaper said industry sources believed NTL was also a likely suitor for Esat, despite a recent battle in the courts over the Cablelink sale. The Bermuda-based Global Crossing, which may win a contract to lay high-capacity cables under the Irish Sea, plans to build or buy a Europe-wide network and branch into the retail phone business, the newspaper said.