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June 25, 2003 — (WEB HOST INDUSTRY REVIEW) — XO Communications (xo.com) announced yesterday that it has tendered an “any and all” offer to buy Global Crossing?s (globalcrossing.com) bank debt for $22 per $100 worth of debt at face value, up from a previous bid of $21 per $100 worth of debt.
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The sweetened bid comes after Global Crossing already accepted an offer to sell a 61.5 percent controlling stake to Singapore Technologies Telemedia for $250 million.
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“We have continued to increase our purchase offer,” said Brian Oliver, XO’s executive vice president of strategy and corporate development. “In light of the timing and uncertainties inherent in the Singapore Technologies Telemedia transaction, XO’s offer is far superior.”
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XO Communications is a broadband communications service provider offering a complete set of communications services, including: local and long distance voice, Internet access, virtual private networking (VPN), ethernet, wavelength, Web hosting and integrated voice and data services. It emerged from Chapter 11 bankruptcy protection in January 2003.
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Global Crossing, a network services provider with a global network footprint, filed for bankruptcy protection in early 2002.
