Qwest Sued Over $10 Billion CenturyTel Takeover

Qwest was sued by shareholders seeking more money in a planned $10 billion stock-swap acquisition by CenturyTel. Qwest investors Lorrieann Martin and Mark Respler asked a judge to halt the takeover and award damages in a complaint filed 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.