NEW YORK, April 29, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Savvis, Inc. ("Savvis" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to CenturyLink, Inc. Under the terms of the transaction, Savvis shareholders will receive $30 per share in cash and 0.2905 of a share of CenturyLink common stock. The transaction implies a value of approximately $40 per Savvis share for a total transaction value of approximately $2.5 billion, including the assumption of approximately $700 million in debt.
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The investigation concerns whether the Savvis Board of Directors breached their fiduciary duties to Savvis stockholders by failing to adequately shop the Company before entering into this transaction and whether CenturyLink, Inc. is underpaying for Savvis shares, thus unlawfully harming Savvis stockholders. In particular, at least one analyst set a price target for Savvis stock at $46 per share.
If you own common stock in Savvis and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit .
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com