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PRXL

Parexel

$83.92

0.42 (0.50%)

07:07
06/20/17
06/20
07:07
06/20/17
07:07

Parexel to be acquired by Pamplona in transaction valued at approx. $5B

PAREXEL International Corporation and Pamplona Capital Management announced that they have entered into a definitive agreement under which Pamplona will acquire all of the outstanding shares of PAREXEL for $88.10 per share in cash in a transaction valued at approximately $5B, including PAREXEL's net debt. The purchase price represents a 27.9% premium to PAREXEL's unaffected closing stock price on May 5, 2017, the last trading day prior to published market speculation regarding a potential transaction involving the Company; a 38.5% premium to the unaffected 30-day volume weighted average closing share price of PAREXEL's common stock ended May 5, 2017; and a 23.3% premium to the Company's undisturbed 52-week high. "Today's announcement is the culmination of a comprehensive review of the opportunities available to the Company, including interest solicited and received from multiple parties with the assistance of independent financial and legal advisors. Having considered these opportunities, the PAREXEL Board of Directors unanimously determined that this all-cash transaction and the significant, certain value it provides is in the best interest of PAREXEL shareholders, as well as our company," said Josef von Rickenbach, Chairman and CEO of PAREXEL. The transaction is not subject to a financing condition. Bank of America Merrill Lynch and J.P. Morgan Chase Bank, N.A. have provided committed financing for the transaction. The transaction is expected to close early in the fourth quarter of 2017, subject to the approval of a majority of PAREXEL shareholders and the satisfaction of other customary closing conditions. PAREXEL expects to hold a Special Meeting of Shareholders to consider and vote on the proposed agreement with Pamplona as soon as practicable after the mailing of the proxy statement to shareholders. The PAREXEL Board of Directors unanimously approved the transaction and intends to recommend that all PAREXEL shareholders vote to approve the agreement with Pamplona. Upon the completion of the transaction, PAREXEL will become a privately held company and shares of PAREXEL's common stock will no longer be listed on any public market. Goldman Sachs & Co. LLC is acting as financial advisor to PAREXEL, and Goodwin Procter LLP is serving as legal counsel. Perella Weinberg Partners LP is acting as financial advisor to Pamplona, and Kirkland & Ellis LLP is serving as legal counsel.

  • 26

    Jun

PRXL Parexel
$83.92

0.42 (0.50%)

05/15/17
EVER
05/15/17
UPGRADE
EVER
Outperform
Parexel upgraded to Outperform from In Line at Evercore ISI
05/16/17
LEHM
05/16/17
NO CHANGE
Target $87
LEHM
Overweight
Parexel price target raised to $87 from $74 at Barclays
Barclays analyst Jack Meehan raised his price target for Parexel to $87 after the Wall Street Journal on May 8 reported the company is exploring a sale and Starboard Value on May 11 disclosed a 5.7% stake. The analyst believes Parexel's investment thesis has merits on a standalone basis and notes his new price target reflects a push for better operational improvement. With the potential for strategic alternatives to drive further upside, Meehan raised his upside case for the shares to $100. He keeps an Overweight rating on Parexel.
05/23/17
GSCO
05/23/17
UPGRADE
Target $77
GSCO
Neutral
Parexel upgraded to Neutral from Sell at Goldman Sachs
Goldman analyst Robert Jones upgraded Parexel to Neutral and raised its price target to $77 from $63 to reflect reduced consensus expectations and industry consolidation. The analyst said two large-scale Clinical transactions announced over the past month reinforce his view of consolidation in the CRO space and reduced downside risk for Parexel.
05/23/17
05/23/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. McKesson (MCK) upgraded to Overweight from Neutral at JPMorgan with analyst Lisa Gill saying she believes additional value should be unlocked from the Change transaction and that the valuation discount versus peers is unwarranted. 2. Aegion (AEGN) upgraded to Buy from Hold at Craig-Hallum with analyst Eric Stine saying the recent pullback provides an attractive opportunity to own a "high-quality company" with positive trends across much of its business. 3. Wingstop (WING) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Karen Holthouse saying there is upside to her $36 price target. Holthouse believes Wingstop is well positioned for digital ordering and off-premise tailwinds and expects an acceleration in same-store-sales driven by national advertising momentum. 4. Parexel (PRXL) upgraded to Neutral from Sell at Goldman Sachs with analyst Robert Jones citing reduced consensus expectations and industry consolidation. 5. On Deck Capital (ONDK) upgraded to Outperform from Market Perform at FBR Capital with analyst Bob Ramsey saying he believes the company's path to profitability creates "significant" upside for the shares over the next 12 months. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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