CenturyLink's (NYSE: CTL) proposed multi-billion stock merger with Qwest (NYSE: Q) may be far from a done deal, but already some shareholders are claiming that they are being shortchanged.
Two Qwest investors--Lorrieann Martin and Mark Respler--have sued Qwest claiming they are owed more money from the deal. These investors have asked a judge to block the deal and award them associated damages in a suit filed in Delaware Chancery Court in Wilmington.
In Martin v. Qwest Communications International Inc., these investors argue that selling Qwest at what they believe is a "relatively low current trading price in a recession-depressed market raises serious red flags" on whether company directors have crafted a deal that maximizes shareholder value.
Not surprisingly, Qwest has declined to comment on the case.
For more:
- Bloomberg has this article
Related articles:
CenturyLink/Qwest: A new service provider era?
Colorado communities fear Qwest/CenturyLink deal could impact job market
Qwest customers may see IPTV through CenturyTel after merger
CenturyLink, Qwest merger consolidates more of the landline market
CenturyLink will maintain Qwest's local look and feel