Replies to post #29517 on SwingTrade Member Forum (SWING)

[DCschmoeka]

ALGXQ Qwest seeks to buy Allegiance Telecom - WSJ
Friday November 21, 2:31 am ET


NEW YORK, Nov 21 (Reuters) - Qwest Communications International Inc. (NYSE:Q - News) wants to buy Allegiance Telecom Inc. (OTC BB:ALGXQ.OB - News) in a $350 million deal, The Wall Street Journal reported on Friday, citing people familiar with the matter.
The value of the transaction with Allegiance Telecom, a Dallas-based telephone and data company which filed for Chapter 11 bankruptcy protection in May, would include cash and assumed debt, the paper reported.

Telecommunications company Qwest seeks to boost revenue, even as its residential phone business suffers under pressure from wireless rivals, the paper said.

The Journal said Qwest is still far away from completing a deal and that at least two other bidders other than Qwest have expressed strong interest in Allegiance, the report said, citing an unnamed source.

Officials with the companies could not be reached for comment.