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Telecommunications Company CenturyLink to Acquire Savvis

April 29, 2011 by · Comments Off on Telecommunications Company CenturyLink to Acquire Savvis 

Webmaster ToolboxMONROE, LA – CenturyLink, Inc. (NYSE: CTL) and Savvis, Inc. (Nasdaq: SVVS) announced that their boards of directors have approved a definitive agreement under which CenturyLink will acquire all outstanding shares of Savvis common stock in a cash and stock merger valued at $40 per share, or a total of approximately $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 as described below. The consideration represents an 11% premium over Savvis’ closing stock price as of the close of trading on April 26, 2011 and a premium of 53% compared to Savvis’ stock price at the beginning of the year. Read more

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