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PSINet has lowered a previous acquisition offer for iSTAR. PSINet is now offering a cash deal of $22 million, or 75 cents a share, for the Canadian Internet service provider, compared with its earlier proposal of $1.20 per share in exchange for PSINet's 8 percent convertible preferred stock. The new offer is designed to provide liquidity at the deal's closing in return for a lower purchase price for PSINet.