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Qwest takeover deal value drops 25%

Published on .

New York--A bid by Qwest Communications International, Denver, to become a major player in the telecommunications industry suffered Tuesday as Wall Street investors questioned the company's hostile takeover of two telephone companies, which they said would hurt Qwest's earnings, according to The Associated Press. Consequently, the company's stock price dropped $10.75 to $34.13, and the value of its offer for U S West, Denver, and Frontier Corp., Rochester, N.Y., dropped from $55 billion to $41.5 billion. That 25% drop dimmed Qwest's chances for busting merger agreements that U S West and Frontier have with Global Crossing Ltd. of Bermuda.
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