Replies to post #69 on LEVEL 3 (LVLT)

[LVLT]

Level 3 buying Broadwing Corp. for $1.4B
Tuesday October 17, 3:38 pm ET

Level 3 Communications Inc. is buying its Austin telecommunications competitor Broadwing Corp. in a cash and stock deal calculated to be about $1.4 billion.
Bloomfield, Colo.-based Level 3 (NASDAQ:LVLT - News) will pay $8.18 in cash plus 1.3411 shares of its stock for each share of Broadwing stock. Based on Monday's $5.32 closing price of Level 3's stock, each share of Broadwing (NASDAQ:BWNG - News) stock would be worth $15.31 a share. The actual value of the deal will depend on Level 3's share price at closing, which it expects to occur in the first quarter of 2007.

"Bringing together the resources and talents of Broadwing and Level 3 is an exciting opportunity for our company, allowing us to capitalize on the strengths of both companies and on advances in technology," says Broadwing CEO Steve Courter. "The combination of our two operations will create a powerful company in the global telecommunications industry with strong growth potential."

The deal is subject to state and federal approval and Broadwing stockholder votes.