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Fly News Breaks for October 12, 2015
ABS, CLNY
Oct 12, 2015 | 08:18 EDT
FBR Capital analyst Daniel Altscher says he believes Colony Capital (CLNY) owns roughly 2.2% in Albertsons (ABS) prior to any new shares being raised in the initial public offering. Based on the expected IPO pricing range, Colony's stake in Albertsons could be worth $207M-$234M, relative to the initial $50M investment, Altscher tells investors in a research note titled "Don't Forget About Colony in the Albertsons IPO." There is a six-month lock up post IPO until Colony can sell any shares, but its value in Albertsons is probably not being considered by the Street, Altscher contends. He keeps an Outperform rating on the stock.
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