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Holly LaFon
Holly LaFon
Articles (6305) 

Southeastern Asset Management Increases Stake in TW Telecom by 40 Percent

July 10, 2014 | About:

Southeastern Asset Management, where Mason Hawkins (Trades, Portfolio) is chairman of the board and CEO, enlarged its position in TW Telecom Inc. (NASDAQ:TWTC) for the first time after selling it down quarterly since the second quarter of 2011, according to GuruFocus Real Time Picks. The firm holds 15,201,344 shares after making the 40.3% increase on July 10.


TWTC’s price closed at $40.78 on July 10 after climbing 34% since the start of the year. At this price, the cost of Southeastern’s 4,366,541 new shares totaled around $178.1 million.

TWTC is a data, Internet and voice networking solutions company catering to large U.S. corporations. On June 16, the company announced that it would be acquired by Level 3 Communications Inc. (NYSE:LVLT) for $40.86 per share. Under the agreement TWTC shareholders would receive $10 in cash and 0.7 shares of Level 3 common stock for each share of tw telecom they hold.

News of the acquisition sent the stock up about 28% in from June 12 to June 18.


Other gurus who own the stock include Steven Cohen (Trades, Portfolio), who reduced his position by 96.4% in the first quarter; George Soros (Trades, Portfolio), who increased his y 259.1% in fourth quarter 2013; and Jim Simons (Trades, Portfolio), who increased his by 24.2% in third quarter 2013. Ray Dalio (Trades, Portfolio) eliminated his position in the first quarter.

Southeastern has an approximate 159% gain on its average buy price of around $16 per share for the company, which it began acquiring before the second quarter of 2009, when the share price averaged $10.

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