Tuesday September 9, 2014 0 comments
BROOMFIELD - Level 3 Communications Inc. (NYSE: LVLT) and tw telecom (NASDAQ: TWTC) announced the U.S. Department of Justice has cleared Level 3's impending acquisition of tw telecom.
The clearance completes the process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is effective immediately, Level 3 said.
The two companies announced June 16 they had entered into a definitive agreement in which Level 3 would acquire tw telecom in a stock-and-cash deal valued at $40.86 per share based on a June 13 market close.
Under the terms of the agreement, tw telecom stockholders would receive $10 cash and 0.7 shares of Level 3 common stock for each share of tw telecom common stock owned at closing.
On July 29, Level 3 announced Level 3 Escrow II Inc., a wholly-owned subsidiary, planned to offer $600 million in senior notes to help finance the acquisition.