Breaking News Instant updates and real-time market news.

IFF

International Flavors

$134.01

-0.185 (-0.14%)

05:23
08/07/18
08/07
05:23
08/07/18
05:23

Frutarom holders approve transaction with International Flavors

International Flavors & Fragrances and Frutarom Industries announced that Frutarom shareholders voted to approve the proposed combination of Frutarom and IFF at the special general meeting of Frutarom shareholders. Of the votes cast at the special general meeting, 94.6% were in favor of the proposed merger, representing approximately 74.7% of all outstanding shares. Upon the closing of the transaction, Frutarom's shareholders will receive for each Frutarom share $71.19 in cash and 0.249 of a share of IFF common stock. The transaction remains subject to clearance by the relevant regulatory authorities and other customary closing conditions, and is expected to close in Q4.

  • 08

    Aug

IFF International Flavors
$134.01

-0.185 (-0.14%)

05/10/18
BERN
05/10/18
NO CHANGE
Target $155
BERN
Outperform
International Flavors price target lowered to $155 from $160 at Bernstein
Bernstein analyst Gunther Zechmann lowered his price target for International Flavors to $155 from $160 following its announcement that it will acquire Frutarom in a $7.1B transaction. The analyst reiterates an Outperform rating on the shares.
05/14/18
JPMS
05/14/18
DOWNGRADE
JPMS
Underweight
Correction: International Flavors downgraded to Underweight at JPMorgan
05/14/18
05/14/18
DOWNGRADE
Target $120

Underweight
International Flavors downgraded to Underweight from Neutral at JPMorgan
As previously reported, JPMorgan analyst Jeffrey Zekauskas downgraded International Flavors & Fragrances to Underweight from Neutral, estimating that its equity offering to finance the purchase of Frutarom is equivalent to about 18m shares. He assumes the stock would be issued before the end of 2018 and he thinks the shorter-term risk/reward for the stock is more challenging given the magnitude of the possible offering, he tells investors. Zekauskas lowered our 2018-2020 EPS forecasts to account for higher share count assumptions and lowered his price target to $120 from $130.
06/08/18
ARGS
06/08/18
DOWNGRADE
ARGS
Hold
International Flavors downgraded to Hold from Buy at Argus
Argus analyst John Staszak downgraded International Flavors to Hold from Buy citing the lofty acquisition price of Frutarom, which will not contribute to 2018 earnings and only modestly to 2019 earnings. Further, Staszak is concerned the company will overpay for growth following the announced plans to boost revenue by $500M to $1B in new acquisitions by end of 2020.

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.