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Fly News Breaks for April 25, 2017
FSNUY, AKRX
Apr 25, 2017 | 07:34 EDT
Craig-Hallum analyst Matt Hewitt downgraded Akorn (AKRX) to Hold from Buy, with a $34 price target, after the announcement that it has agreed to sell the company to Fresenius (FSNUY) for $34 per share in cash and the assumption of about $450M in debt. While the analyst would have liked to have seen Akorn sell for more, the deal still creates "significant value" for many shareholders and is a strategically complementary marriage that makes sense for both sides.
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