Getting your player ready...
Qwest was sued by shareholders seeking more money in a planned $10 billion stock-swap acquisition by CenturyTel Inc.Qwest investors Lorrieann Martin and Mark Respler asked a judge to halt the takeover and award damages in a complaint filed Thursday in Delaware Chancery Court in Wilmington.
Given Qwest’s financial prospects, selling the company at a “relatively low current trading price in a recession- depressed market raises serious red flags” about whether directors are maximizing shareholder value, according to the complaint.
Diane Reberger, a Qwest spokeswoman, said the company doesn’t comment on pending litigation.
