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July 6, 1999 US West, Frontier Agree To Discuss Qwest Deals Regional bell company US West said last week that it will open talks with Qwest Communications International Inc. regarding Qwest's attempted takeover of the phone company. The action follows a similar decision by telecom company Frontier Corp. to discuss Qwest's effort to take over Frontier. Frontier and US West had both previously agreed to be acquired by undersea cable operator Global Crossing Ltd., which had offered $11 billion for Frontier and $30 billion for US West. Frontier says its agreement with Global Crossing "remains in full force and effect" and its decision to meet with Qwest "in no way reflects a change in the Frontier board's current approval" of the Global Crossing merger agreement. Qwest, meanwhile, says its offer for Frontier remains unchanged, even though Frontier says earnings for its fiscal year will be about 17% lower than analysts originally expected because of price declines in its long-distance business and the loss of a U.K. customer. |
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