CenturyLink, Level 3
March 17, 2017
and Level 3 shareholders have overwhelmingly approved all proposals
related to the companies' merger.
At a special meeting of CenturyLink's shareholders held today in Monroe,
approximately 96.3 percent of the votes cast supported the proposal to
issue CenturyLink common stock to Level 3 stockholders in connection
with the proposed merger.
At a special meeting of Level 3's stockholders held today in Broomfield,
approximately 81.2 percent of Level 3's outstanding shares of common
stock, and more than 98.8 percent of the votes cast, were voted in favor
of approving the merger agreement.
"The combination of CenturyLink and Level 3 will significantly improve
our global network capabilities, creating a company with one of the most
robust fiber networks in the world," said Glen F. Post, III, chief
executive officer and president of CenturyLink. "This expanded network
should allow us to bring substantial operational and service benefits to
our enterprise customers, as well as an enhanced customer experience."
In addition to approvals by CenturyLink and Level 3 shareholders and
previously announced state regulatory approvals and clearances in Ohio,
Utah and Nevada, the companies also recently received approvals in
Georgia and West Virginia and clearances in Connecticut, Indiana and
Louisiana. The two companies continue to expect to receive the remaining
state, federal and international approvals in time to complete the
merger by Sept. 30, 2017.
appreciate the strong support from our shareholders for the merger and
their recognition of the benefits the combined company will bring. We're
making solid progress with our regulatory approvals and remain
optimistic that the process will continue smoothly with the remaining
reviews," Post said.
Upon closing of the transaction, Level 3 stockholders will receive
$26.50 per share in cash and 1.4286 shares of CenturyLink stock for each
Level 3 share they own. Upon closing of the transaction, CenturyLink
shareholders will own approximately 51 percent, and Level 3 stockholders
will own approximately 49 percent, of the combined company. The combined
company will be headquartered in Monroe, La., and will maintain a key
operational presence in Colorado and the Denver metropolitan area.