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Level 3 allows investor to raise stake to up to 24.97%
By Lisa Kerner
Charlotte, N.C., May 2 - Level 3 Communications, Inc. agreed to allow Southeastern Asset Management, Inc. to purchase additional shares of the company's common stock in one or more transactions not involving the issuance of securities by the company.
The agreement, approved by the company's board, is conditioned upon Southeastern raising its stake to no more than 381,869,219 shares, or about 24.97%, of Level 3's common stock outstanding, according to a form 8-K filing with the Securities and Exchange Commission.
In connection with its April 2005 purchase of the company's 10% convertible senior notes due 2011, Southeastern agreed not to acquire any securities of the company for a five-year period unless it had obtained consent.
On May 1, Southeastern's beneficial ownership of the Broomfield, Colo., telecommunications company's common stock was approximately 20.85%.
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