The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Savvis Inc. (“Savvis” or “SVVS”) (NASDAQ: SVVS) related to the proposed buyout of Savvis, Inc. by CenturyLink, Inc. The definitive merger agreement, which was announced on April 27, 2011, involves a stock and cash transaction valued at approximately $2.5 billion. Under the proposed buyout, Savvis shareholders will receive $30.00 in cash and $10.00 in CenturyLink stock for each share of Savvis common stock they hold. The acquisition price represents an aggregate value of only $40.00 per share to Savvis shareholders. The transaction is expected to close in the second half of 2011. The firms are investigating the fairness of the proposed transaction to Savvis shareholders and whether Savvis’ Board of Directors acted in the shareholders’ best interests. Although the acquisition price represents a small premium above the closing price of Savvis shares prior to the announcement, the firms are investigating whether the price offered to Savvis shareholders is adequate. In particular, at lease one analyst has set a target price of $46.00 per share for Savvis stock. The firms are also investigating whether Savvis’ Board of Directors adequately considered all viable alternatives and properly shopped the company before entering into the acquisition agreement. If you currently own shares of Savvis/SVVS and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
SAVVIS (Nasdaq:SVVS) hit a new 52-week high Wednesday as it is currently trading at $39.69, above its previous 52-week high of $39.68 with 571,947 shares traded as of 11:21 a.m. ET. Average volume has been 1.7 million shares over the past 30 days.
SAVVIS (Nasdaq:SVVS) hit a new 52-week high Monday as it is currently trading at $39.45, above its previous 52-week high of $39.44 with 42,333 shares traded as of 9:46 a.m. ET. Average volume has been 1.6 million shares over the past 30 days.
SAVVIS (Nasdaq:SVVS) hit a new 52-week high Friday as it is currently trading at $39.39, above its previous 52-week high of $39.36 with 291,574 shares traded as of 10:46 a.m. ET. Average volume has been 1.6 million shares over the past 30 days.