Fergie's Tech Blog

Global Crossing Makes Offer for UK's Fibernet

Nicole Willing writes on Light Reading:

Global Crossing Holdings Ltd. has stepped forward with an offer for U.K. corporate services operator Fibernet Group plc, agreeing to shell out $96.1 million in cash.

In response to press speculation, Fibernet said earlier this month that it had received an offer from an unnamed suitor. The operator had previously received a takeover bid last December.

Fibernet Group, in the U.K., is unrelated to the U.S.-based FiberNet Telecom Group Inc., which is also rumored to be in play. But one has to wonder if some investors were confused this morning, as shares in Fibernet Telecom's stock rose 15 percent.

posted by Fergie @ 8/25/2006 10:31:00 AM