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Fly News Breaks for August 26, 2016
RAX
Aug 26, 2016 | 12:16 EDT
Oppenheimer analyst Timothy Horan said he thinks the $32 per share price Apollo Global (APO) agreed to pay to buy Rackspace (RAX) is fair for a financial sponsor, though he sees a 25% chance a strategic bidder emerges with a bid in the mid- to high-$30s range being reasonable for such a theoretical buyer. Given his belief shareholders will approve the deal and the "small probability" of a higher bid emerging, Horan removed his rating and price target on Rackspace shares.
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