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PAY

Verifone

$15.00

-0.17 (-1.12%)

17:01
04/09/18
04/09
17:01
04/09/18
17:01

Verifone to be acquired by Francisco Partners for $23.04/share or $3.4B

Verifone Systems announced that they have entered into a definitive agreement under which an investor group led by Francisco Partners and including British Columbia Investment Management Corporation will acquire Verifone for $23.04 per share in cash, representing a total consideration of approximately $3.4 billion, which includes Verifone's net debt. Under the terms of the agreement, Verifone stockholders will receive $23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54% to the company's closing share price of $15.00 on April 9, 2018. The Verifone Board of Directors has unanimously approved the definitive agreement and recommends that Verifone stockholders vote in favor of the transaction. Upon completion of the transaction, Verifone will become a privately held company. The transaction is not subject to a financing condition and is expected to close during the third calendar quarter of 2018, subject to customary closing conditions, including receipt of stockholder and regulatory approvals. The merger agreement includes a "go-shop" period, which permits Verifone's Board and advisors to actively initiate, solicit, encourage, and potentially enter into negotiations with parties that make alternative acquisition proposals through May 24, 2018. There can be no assurance that this process will result in a superior proposal, and Verifone does not intend to disclose developments with respect to the solicitation process unless and until the Board makes a determination requiring further disclosure.

PAY Verifone
$15.00

-0.17 (-1.12%)

11/16/17
11/16/17
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. Acorda Therapeutics (ACOR) was downgraded to Hold from Buy at Stifel and to Underperform from Market Perform at Raymond James. 2. Verifone (PAY) downgraded to Outperform from Strong Buy at Raymond James with analyst Wayne Johnson saying he is cautious on fiscal 2018 Systems Solutions revenue growth and earnings and thinks it will be dominated by older, flagship architecture and said he can not verify traction in its next-generation Carbon and Engage PoS devices, which lack commitment from a large, domestic name brand retailer. 3. Marriott (MAR) downgraded to Market Perform from Outperform at Bernstein. 4. Emerson (EMR) downgraded to Market Perform from Outperform at Cowen with the firm saying its increased offer for Rockwell (ROK), if accepted, would result in a very low return for years. 5. NetEase (NTES) downgraded to Sell from Underperform at CLSA with analyst Man Ho Lam saying third quarter results were disappointing and expects negative revenue and earnings momentum to continue into the first half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/13/17
RHCO
12/13/17
NO CHANGE
Target $23
RHCO
Buy
Verifone multiple expansion supported by improving cash flows, says SunTrust
SunTrust analyst Andrew Jeffrey kept his Buy rating and a $23 price targat on Verifone (PAY) after its in-line Q4 results and "messy" FY18 guidance. Jeffrey says the company's offerings remain "relevant" across its merchant base despite the competition from Square (SQ), forecasting low-single digit organic revenue growth and better margins going forward. The analyst attributes the FY18 guidance miss to the Street not having adjusted its consensus view following the company's divestitures.
12/19/17
TIGR
12/19/17
NO CHANGE
TIGR
Verifone benefiting from shift to electronic payments, says Tigress Financial
Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on Verifone, saying he was positive on Verifone's ongoing rollout of its next-generation payment devices, its emphasis on payment and other business management services, and its recent divestiture of its non-core lines of business.
03/23/18
CHLM
03/23/18
DOWNGRADE
Target $37
CHLM
Sell
Craig-Hallum sees increasing competition for Square, downgrades shares to Sell
Craig-Hallum analyst Brad Berning downgraded Square (SQ) to Sell from Hold and lowered his price target for the shares to $37 from $41. The stock closed yesterday down $1.93 to $55.16. Investors should use the company's easier comps in the first half of 2018 to take profits ahead of tougher comps in the second half of the year, Berning tells investors in a research note. Further, the analyst believes increasing competition in 2019 will likely decelerate Square's revenue growth and compress its valuation. Competition is "tired of Square winning and they are bringing scale, lower pricing, and functionality," the analyst contends. He notes that First Data (FDC) is rolling out the digitalization of its distribution channels while Verifone (PAY) will have Carbon likely fully rolled out by Q4.

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