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SMPL

Simply Good Foods

$27.35

0.55 (2.05%)

16:29
08/21/19
08/21
16:29
08/21/19
16:29

Simply Good Foods to acquire Quest Nutrition for $1B in cash

The Simply Good Foods Company and Quest Nutrition announced that the companies have entered into a definitive agreement under which Simply Good Foods will acquire Quest for $1.0B in cash, or approximately $870M net of tax benefits, on a cash-free and debt-free basis. The transaction is structured as the purchase by a subsidiary of Simply Good Foods of 100% of the equity of each of Voyage Holdings and VMG Quest Blocker from the founders of Quest and other equity holders of the target. Simply Good Foods intends to finance the transaction by using approximately $225M of cash on its balance sheet as well as committed financing from Barclays, Credit Suisse and Goldman Sachs. The company also anticipates issuing equity and, given the expected solid cash flow generation of the combined businesses, anticipates a net debt to adjusted EBITDA multiple of 4.0x or less by fiscal year-end August 2020. The transaction has been approved with unanimous support by the board of Simply Good Foods, its purchasing subsidiary and by the governing bodies of the target and is expected to close by the end of 2019, subject to satisfaction of customary closing conditions and receipt of regulatory clearance.

SMPL Simply Good Foods
$27.35

0.55 (2.05%)

07/03/19
RHCO
07/03/19
NO CHANGE
Target $25
RHCO
Hold
Simply Good Foods price target raised to $25 from $23 at SunTrust
SunTrust analyst William Chappell raised his price target on Simply Good Foods to $25 after its Q3 earnings beat and raised outlook for FY19. The analyst sees the performance for the quarter as "very strong" and does not expect any slowdown in growth this year, but also maintains that the results were expected and the company's "high expectations" are reflected in price. Chappell keeps his Hold rating on Simply Good Foods, adding that the management expects more difficult comparisons entering next year.
08/12/19
BERN
08/12/19
INITIATION
Target $31
BERN
Outperform
Simply Good Foods initiated with an Outperform at Bernstein
Bernstein started Simply Good Foods with an Outperform rating and $31 price target.
08/13/19
08/13/19
INITIATION
Target $31

Outperform
Bernstein bullish on Simply Good Foods, initiates with an Outperform
As previously reported, Bernstein analyst Alexia Howard started coverage of Simply Good Foods with an Outperform rating and s $31 price target. Although the analyst acknowledges that the stock is not cheap, she believes it is a high-quality compounder that will deliver "strong" top and bottom line growth over time.
08/13/19
08/13/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Simply Good Foods (SMPl) initiated with an Outperform at Bernstein. 2. AMD (AMD) and Intel (INTC) initiated with a Hold at Loop Capital. 3. Cronos Group (CRON) initiated with an Overweight at Piper Jaffray. 4. Medallia (MDLA) initiated with an Outperform at William Blair, Wells Fargo, and Oppenheimer, a Buy at Roth Capital, Needham, and BofA/Merrill, as well as a Neutral at Credit Suisse and Citi. 5. Sempra Energy (SRE) initiated with an Equal Weight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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