Level 3 Communications (LVLT) To Buy TW Telecom

Level 3 Communications (LVLT) announced today (02014.06.16) that it's buying TW Telecom. The deal seems like a good one to me, but right now LVLT is down almost 5% on the news.

LVLT closed Friday (02014.06.13) at $44.09. Today's intra-day low (as of 7:46am MST): $41.35. 52-week range: $19.71 - $44.77. Note: LVLT almost spiked to a new 52-week high at the open, but the gain quickly evaporated.