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ISLE

Acquired by ERI - 5/17

$22.42

0.2 (0.90%)

, ERI

Eldorado Resorts

$13.75

0.4 (3.00%)

08:36
12/01/16
12/01
08:36
12/01/16
08:36

Isle of Capri sees Eldorado Resorts deal closing in Q2 of CY17

Isle of Capri (ISLE) says that "On September 19th we announced that we have signed a definitive agreement to sell all of the outstanding shares of stock of the Company to Eldorado Resorts, Inc. (ERI) for approximately $950M in cash and stock. We believe this transaction, which will create a regional gaming company with significant scale, geographic diversity and free cash flow, provides our shareholders with both immediate value and the benefit from the potential upside expected from the significant operating synergies between these two companies. We are working closely with the Eldorado team to plan a smooth transition, and expect the transaction to close in the second quarter of calendar 2017. Subsequent to the announcement of the transaction with Eldorado, we announced that we have entered into a definitive agreement to sell Marquette to an affiliate of Casino Queen for approximately $40M. In combination with the previously announced $134.5M sale of Lake Charles to Laguna Development Corporation, the replacement of the riverboat in Bettendorf, and other completed transactions, over 95% of our pro forma Adjusted EBITDA is now generated by land-based or barge-based casino operations compared to five years ago when over 30% of our EBITDA came from first-generation riverboats."

ISLE

Acquired by ERI - 5/17

$22.42

0.2 (0.90%)

ERI

Eldorado Resorts

$13.75

0.4 (3.00%)

ISLE Acquired by ERI - 5/17
$22.42

0.2 (0.90%)

05/31/16
05/31/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Mazor Robotics (MZOR) downgraded to Neutral from Buy at Sterne Agee CRT with analyst Gregory Chodaczek citing valuation with the stock up 60% since May 18. 2. Mosaic (MOS) downgraded to Hold from Buy at Stifel with the firm citing overcapacity of fertilizer production, as well as pressure on fertilizer prices caused by oil price declines and the rising U.S. dollar. 3. Isle of Capri (ISLE) downgraded to Market Perform from Outperform at Telsey Advisory with analyst David Katz arguing the rating changed is based on comparatively lower organic revenue growth, an unlikely transformative REIT transaction, and decelerating cost cutting. The analyst lowered his price target on shares to $18 from $19. 4. Terex (TEX) downgraded to Equal Weight from Overweight at Morgan Stanley with the firm arguing that it sees limited upside to Terex shares following the termination of the Zoomlion bid for the company and said the current discount to the group is justified given challenging operating environment and uneven execution. 5. Lockheed Martin (LMT) downgraded to Hold from Buy at Berenberg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/15/16
STFL
06/15/16
NO CHANGE
STFL
Isle of Capri price target raised to $20 from $16 at Stifel
Following Isle of Capri's results, Stifel believes that the company's financial position has improved significantly over the past two years, although its "operating trends remain mixed." The firm notes that the company's leverage has dropped to 4.4 times from 6.6 times over the past two years, and it thinks the company has "ample opportunities" to unlock shareholder value going forward. Stifel keeps a Buy rating on the shares.
09/20/16
GABE
09/20/16
DOWNGRADE
Target $29
GABE
Hold
Isle of Capri downgraded to Hold from Buy at Gabelli
Gabelli downgraded Isle of Capri following the proposed acquisition by Eldorado Resorts for $23 per share in a cash and stock deal.
09/21/16
MACQ
09/21/16
DOWNGRADE
MACQ
Neutral
Isle of Capri downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded Isle of Capri following the proposed acquisition by Eldorado Resorts for $23 per share in a cash and stock deal.
ERI Eldorado Resorts
$13.75

0.4 (3.00%)

08/19/16
RHCO
08/19/16
INITIATION
RHCO
Buy
Eldorado Resorts initiated with a Buy at SunTrust
Target $17.

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