CenturyLink, Inc./Savvis, Inc.
On April 27, 2011, CenturyLink, Inc. (NYSE: CTL) and Savvis, Inc. (Nasdaq: SVVS) report entering an agreement whereby CenturyLink will acquire all outstanding shares of Savvis for $40 per share, or total consideration of $2.5 billion, plus net debt of approximately $0.7 billion which will be assumed or refinanced at close.
Under the terms of the transaction, Savvis stockholders will receive $30 per share in cash and $10 in shares of CenturyLink common stock, subject to adjustment. The number of CenturyLink shares issued will be based upon the volume-weighted average price of CenturyLink stock during the thirty trading day period ending three trading days prior to the closing, provided that if this average price is less than or equal to $34.42, each Savvis share will receive $30 in cash and 0.2905 of a CenturyLink share.
Barclays Capital and BofA Merrill Lynch acted as financial advisors and Wachtell, Lipton, Rosen & Katz and Jones, Walker, Waechter, Poitevent, Carrere & Denegre L.L.P. acted as legal advisors to CenturyLink. Morgan Stanley & Co. Incorporated acted as financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal advisor to Savvis.
Under the terms of the transaction, Savvis stockholders will receive $30 per share in cash and $10 in shares of CenturyLink common stock, subject to adjustment. The number of CenturyLink shares issued will be based upon the volume-weighted average price of CenturyLink stock during the thirty trading day period ending three trading days prior to the closing, provided that if this average price is less than or equal to $34.42, each Savvis share will receive $30 in cash and 0.2905 of a CenturyLink share.
Barclays Capital and BofA Merrill Lynch acted as financial advisors and Wachtell, Lipton, Rosen & Katz and Jones, Walker, Waechter, Poitevent, Carrere & Denegre L.L.P. acted as legal advisors to CenturyLink. Morgan Stanley & Co. Incorporated acted as financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal advisor to Savvis.
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Savvis (SVVS) Announces Shareholder Approval of Meger with CenturyLink (CTL)
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Notable Mergers and Acquisitions of the Day 04/27: (CTL)/(SVVS) (JNJ) (URS)
