TW Telecom, Level 3 Moving Higher On Acquisition Rumor

Shares of TW Telecom TWTC are trading more than 10 percent higher following an article from BrightWire that Level 3 LVLT is intensifying talks to acquire the company.

According to BrightWire’s sources, a deal is not imminent, but the likelihood of a transaction has increased. Reasons include improving Level 3 financials and a new CEO that doesn't have “animosities” with TW Telecom’s chief executive.

Shares of TW Telecom were last up 10.67 percent to $35.78 while Level 3 shares were up 2.51 percent to $43.28.