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SONC

Sonic

$36.61

0.67 (1.86%)

09:22
09/25/18
09/25
09:22
09/25/18
09:22

Sonic to be acquired by Inspire Brands for $43.50 per share in $2.3B deal

Sonic and Inspire Brands announced that they have entered into a definitive merger agreement under which Inspire will acquire Sonic for $43.50 per share in cash in a transaction valued at approximately $2.3B including the assumption of Sonic's net debt. Inspire is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby's, Buffalo Wild Wings, and Rusty Taco locations worldwide. Following the completion of the transaction, Sonic will be a privately-held subsidiary of Inspire and will continue to be operated as an independent brand. The agreement, which has been unanimously approved by Sonic's board, represents a premium of approximately 19% per share to Sonic's closing stock price on September 24, 2018 and a premium of approximately 21% to Sonic's 30-day volume-weighted average price. The transaction is subject to the approval of Sonic shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals, and will close by the end of the year.

  • 06

    Nov

SONC Sonic
$36.61

0.67 (1.86%)

09/06/18
WEDB
09/06/18
INITIATION
WEDB
Outperform
Sonic initiated with an Outperform at Wedbush
Wedbush analyst Nick Setyan initiated Sonic with an Outperform and $42 price target.
09/07/18
WEDB
09/07/18
INITIATION
Target $42
WEDB
Outperform
Sonic initiated with an Outperform at Wedbush
Wedbush analyst Nick Setyan initiated Sonic with an Outperform rating and $42 price target, telling investors in a research note that he believes Sonic may be the best-positioned QSR burger chain to gain near- to medium-term transaction share in the category and that Sonic is well-positioned to sustain greater than 50 basis points of transaction growth annually through 2021. Given Setyan's expectation that Sonic is poised to be the net category transaction share gainer through fiscal 2020-2021, and his expectation that Sonic could deliver annual free cash flow per share growth of 26%, he contends that a premium valuation is justifiable.
09/07/18
09/07/18
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. Sonic (SONC) initiated with an Outperform at Wedbush. 2. Molson Coors (TAP) initiated with an Underperform at Jefferies while Constellation Brands (STZ) was initiated with a Buy at Jefferies. 3. Amalgamated Bank (AMAL) initiated with an Outperform at Raymond James. 4. NXP Semiconductors (NXPI) initiated with an Outperform at Cowen. 5. Calyxt (CLXT) initiated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/18
OPCO
09/12/18
NO CHANGE
OPCO
Perform
Sonic risk/reward too stretched, pull-back ahead, says Oppenheimer
Oppenheimer analyst Brian Bittner now sees Sonic's risk/reward as too stretched and anticipates a pull-back, based on his analysis. Fundamentally, the analyst believes recent installment of long-term targets tilt aggressively, particularly assumption for 2%-4%-plus same-store sales. He reiterates a Perform rating on the shares.

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