SAN DIEGO, CA / ACCESSWIRE / May 30, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who formerly held Level 3 Communications, Inc. (NYSE: LVLT) shares.
Investors, who held shares of Level 3 Communications, Inc. (NYSE: LVLT) and received CenturyLink (CTL) shares as a result of the takeover, might have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On October 31, 2016, CenturyLink (CTL) and Level 3 Communications, Inc. (NYSE: LVLT) announced that their Boards of Directors have unanimously approved a merger agreement under which CenturyLink will acquire Level 3 Communications, Inc. (NYSE: LVLT) 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 purchase price of $66.50 per Level 3 share (based on a CenturyLink $28.00 per share reference price).
In early 2017 a lawsuit was filed in connection with the takeover of Level 3 Communications, Inc by CenturyLink. The plaintiff alleged that the proposed consideration NYSE: LVLT shareholders received was grossly inadequate and undervalued Level 3 Communications. Indeed, at least one analyst had set the high target price for NYSE: LVLT shares at $71.00 per share. In addition, the plaintiff alleged that the process was also unfair NYSE: LVLT stockholders. Indeed, CenturyLink had already entered into a voting agreement with STT Crossing (a wholly owned subsidiary of ST Telemedia), holder of approximately 18 percent of Level 3's outstanding common stock, pursuant to which it will vote its Level 3 shares in favor of the transaction.
Those who held shares of Level 3 Communications, Inc. (NYSE: LVLT) and received CenturyLink (CTL) shares as a result of the takeover should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
