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CZZ

Cosan

$9.19

0.41 (4.67%)

08:44
01/03/19
01/03
08:44
01/03/19
08:44

Cosan announces final results of $100M tender offer

Cosan announced the final results of its tender offer to purchase up to $100M of its Class A common shares, or the shares, at (i) prices specified by the tendering shareholders of not greater than $9.30 nor less than $8.88 per share or (ii) at the purchase price determined in accordance with the tender offer. The tender offer expired at 11:59 p.m., New York City time, on December 28, 2018. Based on the final count by Computershare Trust Company, N.A., the Depositary for the tender offer, a total of 30,871,499 Class A common shares of Cosan were properly tendered and not properly withdrawn at the final cash purchase price of $8.88 per share. Because the tender offer was oversubscribed, the company purchased only a prorated portion of the shares properly tendered by each tendering shareholder at the final per share cash purchase price of $8.88. Based on the final tender count, and taking into consideration the effect of odd lot priority and conditional tenders on the proration factor, the final proration factor for the tender offer was 49.74% of the shares properly tendered at the cash purchase price of $8.88 per share. Accordingly, Cosan acquired 14,228,134 shares at a purchase price of $8.88 per share, for a total cost of approximately $126.3M, excluding fees and other expenses related to the tender offer. These shares represent 9.6% of the issued and outstanding Class A common shares of Cosan as of December 31, 2018. The shares accepted for purchase include 2,966,873 additional shares that Cosan has elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding Class A common shares.

CZZ Cosan
$9.19

0.41 (4.67%)

12/11/18
SANT
12/11/18
DOWNGRADE
SANT
Hold
Cosan downgraded to Hold from Buy at Santander
07/23/18
FBCO
07/23/18
DOWNGRADE
FBCO
Neutral
Cosan downgraded to Neutral from Outperform at Credit Suisse
02/20/18
JPMS
02/20/18
DOWNGRADE
Target $12.5
JPMS
Neutral
Cosan downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Lucas Ferreira downgraded Cosan to Neutral while raising his price target for the shares to $12.50 from $10.
02/08/18
02/08/18
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. Clorox (CLX) downgraded to Hold from Buy at Argus with analyst John Staszak saying that while the company is benefiting from low-cost operations and strong market share, margin pressure and private-label competition pose obstacles to its growth. 2. Cosan (CZZ) downgraded to Neutral from Buy at UBS. 3. Inphi (IPHI) downgraded to Underperform from Neutral at BofA/Merrill with analyst Vivek Arya citing "materially worse" first quarter guidance led by persistent inventory issues in the coherent transimpedance amplifier/driver business in China. 4. Enanta (ENTA) downgraded to Neutral from Overweight at JPMorgan with analyst Jessica Fye saying she believes improved hepatitis C virus royalties and a lower U.S. tax rate are now reflected in the shares. 5. Allison Transmission (ALSN) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he expects a strong fourth quarter driven by robust growth in its high margin spare parts business and a recovery in its Off-Highway segment but sees some risks to operating leverage next year due to business mix and higher R&D. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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