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Benzinga Reported Level 3 Was Seeking Strategic Alternatives In July

Level 3 Communications, Inc. NYSE:LVLT, CenturyLink, Inc. NYSE:CTL - Benzinga Reported Level 3 Was Seeking Strategic Alternatives In July

On Thursday afternoon, Wall Street Journal reported that CenturyLink Inc CTL 9.73% was in advanced talks to merge with Level 3 Communications, Inc. LVLT 10.55%.

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.

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 Thursday's session up 10.5 percent at $51.87.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.