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Brower Piven Announces an Investigation of the Acquisition of Global Crossing Limited by Level 3 Communications, Inc.

^{Published on 2011-04-12 08:25:19 - Market Wire}
 

STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Global Crossing Limited (aGlobal Crossinga or aCompanya) (NASDAQ: GLBC) and other violations of state law by the Board of Directors of Global Crossing relating to the proposed acquisition of the company by Level 3 Communications, Inc. (aLevel 3a) (NASDAQ: LVLT). The firma™s investigation seeks to determine whether Global Crossinga™s Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.

On April 11, 2011, Level 3 and Global Crossing jointly announced that they have entered into a definitive merger agreement for Global Crossing to be acquired by Level 3 in a tax-free, stock-for-stock transaction. Under the terms of the agreement, Global Crossing shareholders will receive 16 shares of Level3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing. Based on Level3's closing stock price on April 8, 2011, the transaction is valued at $23.04 per Global Crossing common or preferred share, or approximately $3.0 billion, including the assumption of approximately $1.1 billion of net debt as of December 31, 2010. Global Crossing has been performing well recently, reporting consolidated revenue of $683 million in the fourth quarter of 2010, an increase of 5 percent both sequentially and year over year, and their strategic ainvest and growa services generated revenue of $602 million in the fourth quarter, an increase of 6 percent sequentially and 8 percent year over year.

If you own Global Crossing stock and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.