IDT Plans Bid for Global Crossing
From Bloomberg News
IDT Corp., a long-distance telephone and Internet services company, plans to bid for Global Crossing Ltd., a fiber-optic network operator that had agreed to sell a majority stake to two Asian companies.
IDT plans to present a bid in Bankruptcy Court today, Chairman Howard Jonas said, as it tries to win control from Hutchison Whampoa Ltd. and Singapore Technologies Telemedia. They have agreed to pay $250 million for a 61.5% stake in Global.
Shares of IDT, based in Newark, N.J., fell 18 cents to $15.65 on the New York Stock Exchange.
