Jefferies Downgrades Level 3 Communications (LVLT) to Hold; Doesn't See Alternative Bidder
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CENTURYLINK TO ACQUIRE LEVEL 3 COMMUNICATIONS
October 31, 2016 6:30 AM EDTMONROE, La. and BROOMFIELD, Colo., Oct, 31, 2016 /PRNewswire/ -- CenturyLink (NYSE: CTL) and Level 3 Communications, Inc. (NYSE: LVLT) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own, which implies a... More
