RESTON, Va.-Broadband service provider XO Communications Inc. continues to pursue its previously announced plans to acquire bankrupt telecommunications company Global Crossing.
XO said it is prepared to launch an “any and all” tender offer for Global Crossing’s $2.25 billion bank debt. The tender offer would be priced at $210 per $1,000, or $472.5 million in aggregate.
XO also said it will pay $700 million in cash to acquire all assets of Global Crossing, rather than the previously proposed $700 million in cash and securities, which met scrutiny of various Global Crossing creditors.
“It is unfair to customers, employees and creditors for Global Crossing’s board to continue to ignore our bona fide purchase offer and it is important for them to understand that time is running out,” Carl Icahn, chairman of XO said.
