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SEV

Sevcon

$13.69

-0.065 (-0.47%)

, BWA

BorgWarner

$46.26

0.06 (0.13%)

07:42
07/17/17
07/17
07:42
07/17/17
07:42

Sevcon signs definitive agreement to be acquired by BorgWarner for $22 per share

Sevcon (SEV) announced that it has entered into a definitive merger agreement with BorgWarner (BWA) that provides for BorgWarner to acquire all of the outstanding shares of Sevcon's common stock for $22.00 per share in cash and all of the outstanding shares of Sevcon's Series A Convertible Preferred Stock for a price per share on an as-converted basis equal to the common stock, together with payment of any accrued and unpaid dividends. The total transaction value, including the assumption of indebtedness, is expected to be approximately $200M at the closing of the transaction. The transaction price of $22.00 per share represents a 61% premium to the closing sale price of common stock of the Company on Friday, July 14, 2017 and a 64% premium to the 30-day volume weighted average price of common stock of the company. The Sevcon board has unanimously approved the merger agreement and has recommended approval of the merger by Sevcon's stockholders. The transaction is expected to close in the fourth calendar quarter of 2017 and is contingent on the approval of Sevcon's stockholders, and is subject to the satisfaction or waiver of certain other closing conditions. The transaction is not subject to a financing condition.

SEV

Sevcon

$13.69

-0.065 (-0.47%)

BWA

BorgWarner

$46.26

0.06 (0.13%)

  • 07

    Aug

SEV Sevcon
$13.69

-0.065 (-0.47%)

02/23/17
CHLM
02/23/17
INITIATION
Target $24
CHLM
Buy
Sevcon initiated with a Buy at Craig-Hallum
Craig-Hallum analyst Eric Stine started Sevcon with a Buy rating and $24 price target saying it is positioned as a key OEM solutions provider, enabling the shift to electrification/hybridization with over $400M of development programs pointing to "substantial growth" and more than $2 in EPS.
BWA BorgWarner
$46.26

0.06 (0.13%)

03/22/17
DBAB
03/22/17
UPGRADE
Target $51
DBAB
Buy
BorgWarner upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Rod Lache upgraded BorgWarner (BWA) to Buy saying the prospects for business units focused on Internal Combustion efficiency and emissions are better than he previously thought. The analyst expects penetration of battery electric vehicles will remain "relatively low" through the 2020s. In 2025, 95%-96% of vehicles produced worldwide could be propelled by Internal Combustion, Lache tells investors in a research note. He raised his price target for BorgWarner shares to $51 from $41. The analyst this morning also raised his price target for Buy-rated Delphi (DLPH) to $99 from $88 and Hold-rated Tenneco (TEN) to $78 from $75.
03/22/17
03/22/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. KeyBanc analyst Todd Thomas upgraded Urban Outfitters (URBN) to Overweight from Sector Weight, saying the retailer has a highly differentiated product offering and has made significant investments to capture e-commerce share. 2. Deutsche Bank analyst Rod Lache upgraded BorgWarner (BWA) to Buy from Hold, saying the prospects for business units focused on Internal Combustion efficiency and emissions are better than he previously thought. The analyst expects penetration of battery electric vehicles will remain "relatively low" through the 2020s. He raised his price target for BorgWarner shares to $51 from $41. The analyst this morning also raised his price target for Buy-rated Delphi (DLPH) to $99 from $88 and Hold-rated Tenneco (TEN) to $78 from $75. 3. UBS analyst Julien Dumoulin-Smith upgraded Sunrun (RUN) to Buy from Neutral, citing accelerating prospects amid policy support in the Northeast. 4. Wedbush analyst Henry Coffey upgraded LendingClub (LC) to Neutral from Underperform, saying management has made a very good case in recent meetings on how they will enhance the breadth of the marketplace and grow volumes. 5. Credit Suisse analyst Andre Natal upgraded Petrobras (PBR) to Outperform with an $11 price target saying recent share weakness provides a buying opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/21/17
GUGG
06/21/17
INITIATION
Target $45
GUGG
Neutral
BorgWarner initiated with a Neutral at Guggenheim
Guggenheim analyst Emmanuel Rosner started BorgWarner with a Neutral rating and $45 price target.
06/22/17
DBAB
06/22/17
DOWNGRADE
DBAB
Hold
Dana Holding downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Rod Lache downgraded Dana Holding (DAN) to Hold from Buy, noting that the stock has risen to within 5% of the firm's target. Looking at the broader space, he contends that the backdrop remains unfavorable for Auto/Auto Parts stocks, though select suppliers can outperform if SAAR moderates slowly. Lache maintains Buy ratings on BorgWarner (BWA), Delphi (DLPH), and American Axle (AXL), which he views as having favorable near-term set-ups.

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IMDZ

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$10.10

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