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Fly News Breaks for November 13, 2019
CODYY, CBPX, EXP
Nov 13, 2019 | 08:08 EDT
Jefferies analyst Philip Ng views Continental Building Products (CBPX) takeover by Saint-Gobain (CODYY) as a "very good outcome" for Continental shareholders. The analyst also views the deal as a modest negative for Eagle Materials (EXP), noting that its "two most logical acquirers" are now "out of the picture." However, the "outsized" valuation Continental Building extracted likely props up the value of Eagle Materials' wallboard assets in the public markets, Ng tells investors in a research note.
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