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. Last Updated: 07/27/2016

Frontier Mulls Over Fresh Qwest Offer

NEW YORK -- Frontier Corp. said it continues to mull over a revised Qwest Communications' unsolicited takeover offer and warned that its profits in its second quarter and full year will fall well short of market expectations.

The Rochester, New York, phone company sees second quarter profits to fall in the range of 20 to 22 cents a share, trailing analysts' consensus of 28 cents polledby research firm First Call Corp. It sees full year profits to be at $1 a share, 13 cents shy of market forecast.

Qwest, the No. 4 U.S. long-distance company, last week sweetened its offer to buy both local and long distance phone company Frontier and local telephone carrier U S West in a second attempt to wrest them away from their current suitor Global Crossing.

Qwest's latest bids for the two companies are valued roughly at $48 billion compared with Global Crossing's offers, which are currently valued at about $41 billion.