Cowen Downgrades Level 3 Communications (LVLT) to Market Perform
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Go back to Cowen Downgrades Level 3 Communications (LVLT) to Market Perform
November 1, 2016 6:40 AM EDT
Jefferies downgraded Level 3 Communications (NYSE: LVLT) from Buy to Hold with a price target of $55.00 (from $58.00) after the company agreed to be acquired.
"While the deal spread of near 15% (excl. CTL dividend) is sizable, we do not anticipate any alternate bidder and remain... More
October 31, 2016 6:30 AM EDT
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 purchase price of $66.50 per Level 3 share (based on a CenturyLink $28.00 per share... More
