CenturyLink’s Takeover of Qwest Is Approved

Shareholders approved the takeover of 10.6 billion dollars of Qwest Communications International by CenturyLink on Tuesday, the Associated Press reports.

CenturyLink, formerly known as CenturyTel, is the fifth largest local telephone company in the United States. It is to buy Qwest, the third largest, as both the conflict with the reduced use of landline phones for mobile phones.

"All the companies that got the support of 97 percent of the votes cast by shareholders at meetings held in Monroe, Louisiana, where CenturyLink, and Denver, where Qwest is based.

Under the agreement, shareholders will Qwest for 49.5 percent of the new company, while shareholders will own CenturyLink 50.5 percent. And Qwest access to equity shareholders CenturyLink 0.1664 for each share they own. This was a premium of 15 percent on the closing price of the shares of Qwest, before the acquisition announcement in April.