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RYAM

Rayonier Advanced Materials

$15.32

0.06 (0.39%)

, OAK

Oaktree Capital

$47.75

0.05 (0.10%)

09:54
07/17/17
07/17
09:54
07/17/17
09:54

Rayonier Advanced Materials reiterates commitment to acquire Tembec

Rayonier Advanced Materials (RYAM) reaffirmed its commitment to acquire Tembec on the terms previously agreed with Tembec. The company believes that the previously announced arrangement consideration of C$4.05 in cash or 0.2302 of a share of Rayonier Advanced Materials common stock per Tembec common share-which is subject to proration so that approximately 63% of the aggregate consideration is paid in cash and 37% is paid in Rayonier Advanced Materials stock-provides compelling value to Tembec shareholders. The company does not intend to increase the consideration offered to Tembec shareholders. On July 14, 2017, the company received a letter from Oaktree Capital Management (OAK) indicating its intent to vote against the company's acquisition of Tembec at the special meeting of Tembec shareholders. Oaktree's letter contains a number of misleading statements, which we address in Appendix A. The Company believes that the previously announced arrangement consideration, which was the result of extensive negotiations with Tembec, represents a full and fair price and an attractive valuation. Rayonier Advanced Materials believes that its acquisition of Tembec is in the best interests of both companies and their shareholders and reaffirms its commitment to acquire Tembec on the previously announced terms.

RYAM

Rayonier Advanced Materials

$15.32

0.06 (0.39%)

OAK

Oaktree Capital

$47.75

0.05 (0.10%)

  • 27

    Jul

RYAM Rayonier Advanced Materials
$15.32

0.06 (0.39%)

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.
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.
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.
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.
OAK Oaktree Capital
$47.75

0.05 (0.10%)

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.
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.
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.
07/17/17
JMPS
07/17/17
UPGRADE
JMPS
Outperform
Fifth Street Finance upgraded on Oaktree deal at JMP Securities
As noted earlier, JMP Securities upgraded Fifth Street (FSC) to Outperform from Market Perform. Analyst Christopher York says that the deal under which Oaktree (OAK) will become Fifth Street's investment adviser will improve both companies' corporate governance and lower Fifth Street's costs. Target $8.50.

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Reference Link

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