NEW YORK, April 22, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Qwest Communications International Inc.("Qwest" or the "Company") (NYSE:Q) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to CenturyTel, Inc. ("CenturyTel") (NYSE:CTL). Under the terms of the transaction, Qwest shareholders will receive 0.1664 CenturyTel shares valued at approximately $6.02, based on the prior closing price of $36.20 for CenturyTel stock, for a total transaction value of approximately $10.6 billion. The average closing price for CenturyTel stock over the prior year was approximately $33.09 per share.
The investigation concerns whether the Qwest Board of Directors breached their fiduciary duties to Qwest stockholders by failing to adequately shop the Company before entering into this transaction and whether CenturyTel is underpaying for Qwest shares, thus unlawfully harming Qwest stockholders. In particular, at least one analyst has set a price target for Qwest stock at $6.50 per share and the Qwest board has agreed to a strict no solicitation provision and a termination fee of $350 million to be paid to CenturyTel, under certain circumstances.
If you own common stock in Qwest and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/qwest-communications.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.