NEW YORK, April 28, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of Savvis, Inc. ("Savvis" or the "Company") concerning the proposed acquisition of Savvis by CenturyLink, Inc, ("CenturyLink") in a transaction valued at $2.5 billion.
Under the terms of the agreement, CenturyLink will acquire all outstanding shares of Savvis common stock in a cash and stock merger valued at $40 per share. Savvis stockholders will receive $30 per share in cash and $10 in shares of CenturyLink common stock. At least one analyst has set a target price of $46 for Savvis shares. In addition, the Savvis management team, including Chief Executive Officer Jim Ousley, will remain, and related parties who own approximately 23% of SVVS outstanding stock have agreed to vote their shares in favor of the transaction. The investigation concerns whether the board of directors breached their fiduciary duties by failing to maximize shareholder value.
Savvis shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at [email protected] or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rachelle R. Boyle at [email protected] or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) [email protected]
