Level 3 Communications warns investors of Canadian firm's offer

DENVER BUSINESS JOURNAL - Level 3 Communications Inc. is warning investors of a Canadian investment firm's "mini-tender" offer.

On Monday, the Broomfield company (NYSE: LVLT) said TRC Capital Corporation is offering to buy up to 2 million shares of Level 3's shares for $50.50 each.

That price is well below Level 3's closing stock price on Friday ($53.29).

"Level 3 does not endorse TRC Capital's unsolicited mini-tender offer. ... Level 3 recommends that stockholders reject this unsolicited offer," Level 3 officials said in a statement. The company also pointed to a Securities and Exchange Commission website, where t he SEC warns that mini-tender offers "have been increasingly used to catch investors off guard."

TRC Capital is well known for making mini-tender offers; the latest being one for Ionis Pharmaceuticals Inc. in August and another for Tyson Foods Inc. in June.

Read more at the Denver Business Journal: http://bit.ly/2hHtx45

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