Business Services Industry
Level 3 Communications to Acquire Garland, Texas-Based Software Spectrum.
Knight Ridder/Tribune Business News, May, 2002
By Alan Goldstein, The Dallas Morning News Knight Ridder/Tribune Business News
May 3--Level 3 Communications Inc. said Thursday it agreed to buy Software Spectrum Inc. in a $122 million deal that's part of a strategy for distributing computer programs over broadband networks.
The $37-per-share cash price reflects a steep premium for Software Spectrum stock, which closed Wednesday on the Nasdaq market at $16.65. On Thursday, the stock shot up on the news to $36.08. Garland-based Software Spectrum exceeded its previous high of $34 in the tech euphoria of March 2000.
But Level 3 - an operator of fiber-optic networks that has been hard hit by the telecommunications industry downturn - said the purchase was part of a key strategic...
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