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MRVL

Marvell

$23.28

1.69 (7.83%)

, CAVM

Cavium

$87.20

3.18 (3.78%)

09:08
11/22/17
11/22
09:08
11/22/17
09:08

Marvell shareholder Starboard Value to vote in favor of Cavium deal

In a regulatory filing last night, Starboard Value, which holds a 6.9% stake in Marvell (MRVL), disclosed that the firm entered into a voting agreement with Cavium (CAVM) pursuant to which Starboard has agreed, among other things, to vote all shares beneficially owned at such time in favor of the issuance of shares by Marvell in connection with the merger and in favor of any action in furtherance of such issuance.

MRVL

Marvell

$23.28

1.69 (7.83%)

CAVM

Cavium

$87.20

3.18 (3.78%)

  • 27

    Nov

  • 28

    Nov

  • 28

    Nov

MRVL Marvell
$23.28

1.69 (7.83%)

11/21/17
NEED
11/21/17
NO CHANGE
Target $25
NEED
Buy
Marvell price target raised to $25 from $21 at Needham
Needham analyst N. Quinn Bolton raised his price target on Marvell (MRVL) to $25 and kept his Buy rating after the Cavium (CAVM) acquisition. Bolton says the combined company will have virtually no product overlap, minimizing the possibility of regulatory issues with the deal. The analyst adds that the management anticipates combined entity to realize $150M-$175M in annual cost synergies, with an opportunity for additional operating expense reductions.
11/21/17
CHLM
11/21/17
NO CHANGE
Target $34
CHLM
Buy
Marvell price target raised to $34 from $21.50 at Craig-Hallum
Craig-Hallum analyst Christian Schwab raised his price target for Marvell (MRVL) to $34 from $21.50 following the announced acquisition of Cavium (CAVM). The analyst reiterates a Buy rating on Marvell's shares.
11/21/17
NEED
11/21/17
NO CHANGE
Target $90
NEED
Buy
Cavium price target raised to $90 from $78 at Needham
Needham analyst N. Quinn Bolton raised his price target on Cavium (CAVM) to $90 and kept his Buy rating after Marvell's (MRVL) $6B accquisition. Bolton says the price target increase reflects the "significant" equity component in the consideration paid to Cavium shareholders.
11/21/17
SUSQ
11/21/17
DOWNGRADE
Target $83
SUSQ
Neutral
Cavium downgraded to Neutral from Positive at Susquehanna
Susquehanna analyst Christopher Rolland downgraded Cavium (CAVM) to Neutral from Positive and lowered his price target to $83 from $85 following its announced acquisition by Marvell (MRVL). The analyst views the transaction as transformative for Marvell as Cavium provides a source of growth and massively expands its total addressable market. He noted its immediate synergies, but was disappointed with Marvell's use of so much stock in the transaction as there was much more room in their leverage ratio for using more cash. Rolland maintained his Positive rating and $27 price target on Marvell.
CAVM Cavium
$87.20

3.18 (3.78%)

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