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Fly News Breaks for March 28, 2019
WBC
Mar 28, 2019 | 14:07 EDT
Stifel analyst Michael Baudendistel downgraded Wabco to Hold and lowered his price target on the stock to $136.50 from $147 to reflect its deal to be bought by ZF Friedrichshafen, stating that he believes the deal makes strategic sense and he is not expecting another buyer to submit a competing bid. However, he does see a larger risk than usual of the merger not being approved by shareholders, given the acquisition price is only a 13% premium to the closing stock price on the day prior to media reports of the company's talks with ZF.
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