Feb, 2003 : IDT Corporation to Bid for Global Crossing

📅 February 25, 2003 - Communications carrier IDT Corporation (idt.net) announced on Tuesday that it intends to submit an offer to purchase bankrupt telecommunications company Global Crossing, saying it intends to submit a bid Tuesday the representatives of the company's estate.

IDT says its bid will at least match the economics of, and will be more viable than, the bid submitted last August by Hong Kong-based conglomerate Hutchinson Whampoa Ltd and state-controlled Singapore Technolgy Pte Ltd.
The idea that a foreign corporation could take control of Global Crossing, says IDT, raises questions of national security, as it would give them access to sensitive phone conversations by major corporations and even government.
"An IDT purchase of Global Crossing would be good for Global Crossing management and employees, good for IDT and our shareholders and good for our nation's economy and national security," said IDT chairman Howard Jonas.