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MITK

Mitek Systems

$8.98

-0.12 (-1.32%)

07:32
12/10/18
12/10
07:32
12/10/18
07:32

ASG Technologies increases offer to $11.50 per share to acquire Mitek Systems

ASG Technologies made public a previously private letter to the board of Mitek Systems in which ASG offered to increase its recent proposal to acquire Mitek from $10.00 to $11.50 per share in cash. In the letter, sent to the Mitek board two weeks ago, ASG CEO Charles Sansbury noted that the new offer price represents a 73% premium above the unaffected closing price on October 9, 2018, a significant premium above the average share price for all relevant periods, and a 90% premium above Mitek's 5-year average. The letter also noted that the proposal would not be subject to any financing condition, as Elliott would commit to provide the necessary equity to complete the acquisition.

MITK Mitek Systems
$8.98

-0.12 (-1.32%)

08/28/18
08/28/18
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. Mitek Systems (MITK) downgraded to Hold from Buy at Benchmark with analyst Mark Schappel saying recent management departures leave uncertainty in key roles. 2. Control4 (CTRL) downgraded to In-Line from Outperform at Imperial Capital with analyst Saliq Khan citing valuation. 3. Applied Materials (AMAT) and Lam Research (LRCX) were downgraded to Neutral from Buy at BofA/Merrill. 4. DDR Corp. (DDR) downgraded to Hold from Buy at Deutsche Bank. 5. Newtek Business Services (NEWT) downgraded to Underperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/27/18
BNCH
11/27/18
UPGRADE
Target $12
BNCH
Buy
Benchmark upgrades Mitek to Buy, sees CFO about-face helping to fend off Elliott
As previously reported, Benchmark analyst Mark Schappel upgraded Mitek Systems to Buy from Hold with a $12 price target. The analyst views CFO Jeffrey Davison rescinding his resignation and agreeing to stay on as a vote of confidence in new CEO Max Carnecchia and believes filling the CFO vacancy was one of the remaining hurdles in the company's attempt to fend-off the pending takeover proposal from Elliott. Given his view that Mitek is now better positioned to fend off Elliott's $10 per share proposal, Schappel thinks the activist will either need to up its offer meaningfully, drop its bid altogether or formulate additional steps such as proposing a dissident slate of directors.
11/27/18
BNCH
11/27/18
UPGRADE
Target $12
BNCH
Buy
Mitek Systems upgraded to Buy from Hold at Benchmark
Benchmark analyst Mark Schappel upgraded Mitek Systems to Buy with a $12 price target. The analyst believes the rescinded resignation of CFO Jeffrey Davison removes a hurdle for the company.
10/26/18
BNCH
10/26/18
NO CHANGE
BNCH
Hold
Mitek poison pill evidence it has no interest in being acquired, says Benchmark
Benchmark analyst Mark Schappel called Mitek Systems' shareholder rights plan "essentially a poison pill" that he sees being aimed at fending off a takeover by ASG Technologies, which is backed by Elliott Management. He views the rights plan as further evidence that Mitek has no interest in entertaining an acquisition by Elliott and he keeps a Hold rating on the shares.

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