Keith Meister‘s activist agency Corvex Management has filed an amended 13D with the SEC relating to its stake in CenturyLink (CTL). Per the submitting, Corvex now owns 6.6% of the corporate with 36.54 million shares.
They’ve elevated their stake just lately by buying a internet of 550,000 shares of widespread inventory on August third and 17th, whereas additionally buying 5 million shares underlying name choices.
At the top of the second quarter, Corvex solely owned 18.99 million shares, in order that they’ve clearly been out accumulating extra publicity in current months.
CenturyLink is Corvex’s largest place. Their complete CTL stake is comprised of 19.58 million shares of widespread inventory and 17 million shares underlying name choices. Of the calls, four million of these shares have an train worth of $28 and expiration of October 20, 2017. Another eight million of these have a strike of $30 and similar expiration date, whereas one other 5 million are in January 2018 $23 calls.
We’ve additionally highlighted earlier portfolio activity from Corvex here.
Per Google Finance, CenturyLink is “n integrated communications company. The Company is engaged in providing an array of communications services to its residential and business customers. Its segments include business, which provides strategic, legacy and data integration products and services to small, medium and enterprise business, wholesale and governmental customers, including other communication providers, and consumer, which provides strategic and legacy products and services to residential customers. Its communications services include local and long-distance voice, broadband, Multi-Protocol Label Switching (MPLS), private line (including special access), Ethernet, colocation, hosting (including cloud hosting and managed hosting), data integration, video, network, public access, Voice over Internet Protocol (VoIP), information technology and other ancillary services. As of December 31, 2016, it served approximately 5.9 million broadband subscribers and 325,000 Prism TV subscribers.”
SOURCE: market folly – Read complete story here.