Indian national operator Videsh Sanchar Nigam Ltd. (VSNL) (NYSE: VSL - message board) is staking its claim as one of the world's most important international carriers with a $239 million bid for Teleglobe International Holdings Ltd. (Nasdaq: TLGB - message board). (See VSNL Pays $239M for Teleglobe.)
The bid's valuation includes assumption of Teleglobe's $61 million of outstanding debt and a payment of $178 million, or $4.50 per share (22 percent above Friday's closing price), to shareholders. The news sent Teleglobe's stock rocketing by 62 cents, nearly 17 percent, to $4.31, while VSNL's share price jumped 73 cents, more than 4 percent, to $17.61.
