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RYAM

Rayonier Advanced Materials

$15.26

-0.46 (-2.93%)

, OAK

Oaktree Capital

$47.70

0.05 (0.10%)

08:05
07/17/17
07/17
08:05
07/17/17
08:05

Oaktree to solicit proxies in opposition of proposed Tembec acquisition

Investment funds managed by Oaktree Capital Management (OAK) said that they intend to solicit proxies from Tembec shareholders in opposition to the proposed transaction between Tembec and Rayonier Advanced Materials (RYAM) announced on May 25, 2017. To enable the funds to do so, Oaktree has ceased filing reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues for Tembec and will file reports under the early warning reporting system under Part 3 instead. On July 14, 2017, Oaktree sent a letter to the Boards of Directors of Rayonier and Tembec and issued a press release disclosing its intention to vote its shares against the Transaction, which it believes materially undervalues Tembec to the detriment of all Tembec shareholders. More information regarding Oaktree's analysis of the inadequacy of Rayonier's offer as well as corporate governance concerns with respect to the Transaction will follow shortly. Oaktree currently beneficially owns and exercises control over 19,900,000 Tembec shares, representing 19.9% of the total outstanding shares, which amount is unchanged from the previous report filed June 6, 2017.

RYAM

Rayonier Advanced Materials

$15.26

-0.46 (-2.93%)

OAK

Oaktree Capital

$47.70

0.05 (0.10%)

  • 27

    Jul

RYAM Rayonier Advanced Materials
$15.26

-0.46 (-2.93%)

06/01/17
06/01/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Archer Daniels (ADM) downgraded to Hold from Buy at Argus with analyst David Coleman saying he expects the company's profits to be lowered by grain oversupplies for the rest of this year. He thinks that the company's dividend increases may be "limited" going forward. 2. CAE (CAE) downgraded to Hold from Buy at TD Securities with analyst Tim James citing valuation. 3. Sinopec Shanghai (SHI) downgraded to Sell from Neutral at Citi. 4. Rayonier Advanced Materials (RYAM) downgraded to Hold from Buy at Vertical Research with analyst Chip Dillon citing valuation. 5. Fox Factory (FOXF) downgraded to Neutral from Buy at CL King with analyst Scott Stember citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/01/17
VERT
06/01/17
DOWNGRADE
Target $18
VERT
Hold
Rayonier Advanced Materials downgraded to Hold from Buy at Vertical Research
Vertical Research analyst Chip Dillon downgraded Rayonier Advanced Materials to Hold from Buy citing valuation and maintained an $18 price target.
05/30/17
RBCM
05/30/17
NO CHANGE
RBCM
Rayonier Advanced Materials price target raised to $20 from $16 at RBC Capital
RBC Capital analyst Paul Quinn raised his price target on Rayonier citing what he sees as "the highly accretive Tembec acquisition and considerable synergy potential." Quinn keeps an Outperform rating on the stock.
05/26/17
05/26/17
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. GlaxoSmithKline (GSK) upgraded to Buy from Hold at Berenberg with analyst Alistair Campbell saying Glaxo's long-term value is emerging and the market underappreciates the strength and breadth of its diversified business. 2. Rayonier Advanced Materials (RYAM) was upgraded to Buy from Hold at Vertical Research and to Buy from Neutral at BofA/Merrill. 3. Red Robin (RRGB) upgraded to Buy from Hold at Canaccord with analyst Lynne Collier citing greater confidence in its top-line drivers and in stable to improving casual dining trends. Collier raised her price target to $90 from $72 on Red Robin shares. 4. Star Bulk Carriers (SBLK) upgraded to Buy on valuation at Seaport Global with analyst Magnus Fyhr citing the pullback in shares and favorable drybulk market fundamentals. Fyhr raised his price target on Star Bulk shares to $13 from $11.50. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
OAK Oaktree Capital
$47.70

0.05 (0.10%)

06/28/17
06/28/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Altaba (AABA) initiated with an Overweight at JPMorgan. 2. Aetna (AET) and Humana (HUM) were initiated with a Buy at Citi. The firm also added Aetna to its Focus List. 3. CVS Health (CVS) and Walgreens Boots Alliance (WBA) were initiated with a Hold at Needham. 4. Oaktree Capital (OAK) initiated with a Hold at Jefferies. 5. General Motors (GM) resumed with an Overweight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/28/17
JEFF
06/28/17
INITIATION
Target $49
JEFF
Hold
Oaktree Capital initiated with a Hold at Jefferies
Jefferies analyst Gerald O'Hara started Oaktree Capital with a Hold rating and $49 price target. The analyst believes the shares at current levels are at or near fair value.
12/20/16
DBAB
12/20/16
DOWNGRADE
Target $40
DBAB
Hold
Oaktree Capital downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded Oaktree Capital to Hold citing valuation following the recent rally in the shares. The analyst lowered his price target for the name to $40 from $44.
12/16/16
BOFA
12/16/16
DOWNGRADE
Target $45
BOFA
Neutral
Oaktree Capital downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Michael Carrier downgraded Oaktree Capital two notches to Underperform and lowered its price target to $45 from $50. The analyst said distress investing will be difficult and sees no meaningful catalyst for earnings growth near-term.

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