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Fly News Breaks for September 12, 2017
GIMO
Sep 12, 2017 | 06:57 EDT
JMP Securities analyst Erik Suppiger noted that Reuters reported that Elliott Management's private equity arm has made a formal bid to purchase Gigamon, in which the activist investor already holds a roughly 15% stake. Elliott's bid is assumed to be meant to force Gigamon management to initiate a formal sale process or give Elliott an attractive asset at a depressed price, said Suppiger, who sees $47 as an "easily justifiable acquisition price" for the company. He keeps an Outperform rating and $47 price target on Gigamon shares.
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