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. Last Updated: 07/27/2016

Qwest Raises Bids

NEW YORK -- Qwest Communications International Inc. has raised its unsolicited takeover offers for phone companies U S West Inc. and Frontier Corp. to about $48 billion in a second attempt to outbid rival suitor Global Crossing Ltd.

Qwest's stock price fell nearly 8 percent, or $2.75 to close at $32.56 on Nasdaq following news of the new bids - continuing the stock's slide since the No. 4 U.S. long distance telephone company first announced its surprise bids for U S West and Frontier last week.

Under the new proposal, Qwest offered Wednesday to pay $68 a share or $12.3 billion in cash and stock for each share of Frontier. Qwest previously offered $20 a share in cash and 1.226 shares of Qwest stock for each Frontier share.

Qwest also sweetened its all-stock bid for U S West to $69 a share or $35.6 billion, compared to its original offer of 1.783 Qwest shares for each U S West share. The value of the new proposals remain unchanged as long as Qwest's stock trades between $30.50 and $43.50.