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IN THE NEWS
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Global Crossing Offers to Acquire
Fibernet
Global Crossing (NASDAQ: GLBC) announced on
August 25 that its subsidiary, GC
Acquisitions UK Limited ("GC Acquisitions
UK"), has made a cash offer to acquire all
of the issued and to-be-issued shares of
Fibernet Group Plc (LSE: FIB), a provider of
specialist telecommunications networks to
large enterprises and other
telecommunications and Internet service
companies.
Global Crossing and Fibernet have
complementary long haul networks. This
complementary network infrastructure will
facilitate the integration, allowing the
combined company to offer Global Crossing's
broad array of innovative IP-based service
offerings to Fibernet's current customer
base. It will also result in the creation of
a strong market position from which to
expand this list of enterprise customers.
The acquisition is expected to close in the
fourth quarter of 2006 and is conditioned on
acceptance by Fibernet shareholders and
regulatory approvals. Additional detail on
the transaction will be forthcoming upon
completion of the offer following the
procedures established by the City Code on
Takeovers and Mergers in the United Kingdom.
To read the entire new release go to
http://www.globalcrossing.com/xml/news/2006/august/25.xml.
Telephony Magazine Features Global
Crossing's Transformation in August Cover
Story
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Global Crossing CEO John Legere looks
confident as he occupies the cover of the
August issue of Telephony Magazine. He has
good reason, having just outlined the
company's steady journey to success to one
of the industry's leading trade
publications. With an assist from CMO
Anthony Christie, CFO Jean Mandeville and
carrier services EVP Ted Higase, Legere
calmly and expertly tells it like it is:
Global Crossing is building a record of
financial stability and successful product
launches that are making the customer and
investor community sit up and take notice. |
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Industry and financial analysts alike are
impressed with the company's progress. Brian
Washburn, senior analyst for Current
Analysis, complimented the company for
steadily executing on its strategy.
“They just came out and said, ‘Here's where
we are planning to be,’” Washburn said.
“They have been delivering ever since on
their plan. That has helped them build up
credibility with the analyst community and
the investment community. Now it's at a
point where the numbers seem to be moving in
the right direction."
Romeo Reyes, managing director of global
investment bank Jefferies & Co., cited two
other elements to Global Crossing's recent
success — serious cost-cutting for
efficiency and an improved financial
position that makes the company a less risky
choice for enterprise customers. Reyes
recently raised his rating of Global
Crossing to buy from hold.
All this positive momentum is good news for
customers. Global Crossing continues to
enhance its portfolio of offers and extend
its reach into the global market. Its
efforts to position itself as an alternative
to the single-carrier strategy seems to be
resonating with customers' needs to
diversify their networks.
To read more, go to
http://telephonyonline.com/broadband/finance/telecom_global_crossing_charts/
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