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Benzinga Reported Level 3 Was Seeking Strategic Alternatives In July

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Benzinga Reported Level 3 Was Seeking Strategic Alternatives In July
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Last week, Wall Street Journal reported that CenturyLink Inc (NYSE: CTL) was in advanced talks to merge with Level 3 Communications, Inc. (NYSE: LVLT).

Level 3 shares were trading around $46.50 at the time of the report. Minutes after the report hit newswires, Level 3 saw a big spike upwards of nearly 11 percent.

On Monday, a $34 billion deal was confirmed by both companies.

Flashback

Back on July 13, Benzinga Pro reported Level 3 was reviewing strategic alternatives.

Level 3 was considering a range of options, from an outright sale of the company to a large buyback. Benzinga Pro reported this news to users of its Market-Moving Exclusives Feed. Shares rose 6 percent to a high of $59.59 on that day.

Benzinga Pro further reported that a source familiar with the matter says the CenturyLink deal will be announced no later than Thanksgiving.

The stock closed last Thursday's session up 10.5 percent at $51.87.

Posted-In: News M&A Movers Best of Benzinga

 

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