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Level 3 Shares Spike After Benzinga Pro Reports Company Considering Strategic Alternatives

Level 3 Shares Spike After Benzinga Pro Reports Company Considering Strategic Alternatives

Benzinga Professional on Wednesday morning reported Level 3 Communications, Inc. (NYSE: LVLT) is reviewing strategic alternatives.

Level 3 is considering a range of options from an outright sale of the company to a large buyback, Benzinga Pro reported to users of its Market-Moving Exclusives Feed. Shares rose 6 percent to a high of $59.59 following the report.


According to an industry source, Comcast Corporation (NYSE: CMCSA) is a potential suitor for Level 3. Commenting on Comcast’s push into enterprise services, analyst Colby Synesael of Cowen & Co wrote in a note published toward the end of 2015, "... our long-held/long-term view [is] that Level 3 is likely to be acquired by Comcast as we believe ultimately Comcast (and perhaps Charter) will look to compete against AT&T/Verizon across all facets of their business."

Analysts have been mixed on Level 3 in 2016 with two upgrades and two downgrades. Ratings data provided by Benzinga Professional.


Shares of Level 3 Communications recently traded 3.3 percent higher to $56.20, suggesting a $635 million gain in market cap. Before Wednesday’s gain, shares were flat for the year.

Posted-In: Colby Synesael CowenM&A News Rumors Top Stories Movers Best of Benzinga


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