XO Offers to Acquire Global Crossing for $700 Million

XO Communications offered to acquire all of the assets of Global Crossing for $700 million. XO's offer is comprised of $250 million of cash, $200 million of new 11% notes secured by all of the assets of Global Crossing, $200 million junior preferred stock in New Global Crossing, a 100% owned subsidiary of XO, and 15 million 5 year warrants to acquire stock in XO at $10.00 per share. XO said its offer would increase the proceeds available to Global Crossing creditors by over $100 million versus the current bid by Singapore Technologies Telemedia.
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