Qwest: settlement reached in suit over merger
Friday, February 25, 2011; 11:44 PM
DENVER -- A federal judge in Denver has approved a settlement of a class-action lawsuit by shareholders who challenged the proposed merger of CenturyLink Inc. and Qwest Communications International Inc.
Qwest spokeswoman Diane Reberger told The Denver Post on Friday that the judge indicated he'll issue the order next week and that it will take effect March 17.
Monroe, La.-based CenturyLink, the fifth-largest phone company, agreed last April to acquire Denver-based Qwest in a $22 billion merger. Shareholders then sued, claiming the proposed merger wouldn't adequately compensate Qwest investors.
The cases were consolidated and assigned to U.S. District Judge Wiley Daniel in Denver.
The Post reports that as part of the settlement, Qwest and CenturyLink have agreed to provide additional information about the merger and agreed to cover attorney fees.