Deals
CenturyLink Rises as Activist Firm Corvex Reveals 5.5% Stake
- Corvex’s Keith Meister sees 40% upside in CenturyLink shares
- Meister calls for keeping Level 3 CEO as part of new company
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Keith Meister said his activist firm amassed a 5.5 percent stake in CenturyLink Inc. and sees 40 percent upside in the stock as it completes an acquisition aimed at creating a more formidable competitor in the market for business telecommunication services.
CenturyLink’s $34 billion acquisition of Level 3 Communications Inc. is “game changing,” Corvex Management’s Meister said Monday at the Sohn Investment Conference in New York. The new stake is Corvex’s largest holding, he said. His hedge fund later filed an activist 13D, officially disclosing the investment.