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CBM

Cambrex

$59.71

0.08 (0.13%)

06:42
09/23/19
09/23
06:42
09/23/19
06:42

Cambrex announces expiration of 'go-shop' period in Permira funds merger

Cambrex announced the expiration, as of 12:01 a.m., Eastern Time, on September 22, of the 45-day "go shop" period under the previously announced Agreement and Plan of Merger, dated as of August 7, which provides for the company to be acquired by an affiliate of the Permira funds in an all-cash transaction for $60.00 per share. At the direction of the ad hoc committee of the company's Board of Directors, the company's financial advisor engaged in solicitation of 77 potential bidders, which resulted in eight potential bidders each entering into a confidentiality agreement with the company. Each of the eight parties that entered into a confidentiality agreement with the company was provided access to nonpublic information regarding the company and the opportunity to have access to company management. As of the expiration of the go-shop period, the company had not received any alternative acquisition proposals, including from any of the eight parties that entered into confidentiality agreements. Upon the expiration of the go-shop period and in accordance with the terms of the Merger Agreement, the company became subject to customary "no-shop" restrictions on its ability to solicit acquisition proposals from third parties or to provide information to and engage in discussions with a third party in relation to an alternative acquisition proposal, subject to certain customary exceptions. The proposed merger is expected to close during the fourth quarter of 2019, subject to customary closing conditions including Cambrex stockholder approval and regulatory approvals.

  • 13

    Nov

CBM Cambrex
$59.71

0.08 (0.13%)

05/07/19
FANA
05/07/19
DOWNGRADE
Target $55
FANA
Outperform
Cambrex downgraded to Outperform from Strong Buy at First Analysis
First Analysis analyst Steven Schwartz downgraded Cambrex to Outperform from Strong Buy while raising his price target for the shares to $55 from $45. The company's valuation multiple is now in-line with peers following the recent share price appreciation, Schwartz tells investors in a research note. He sees less near-term upside given the expected decline in Cambrex's Gilead business through 2020 and his view that "financially significant" revenue synergies from the recent acquisitions will be realized over a mid- to longer-term time horizon.
05/07/19
05/07/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fluor (FLR) downgraded to Neutral from Buy at Goldman Sachs with analyst Jerry Revich seeing an unclear medium-term margin outlook amid the company's CEO transition and further project writedowns in Q1. 2. Gardner Denver (GDI) downgraded to Neutral from Buy at UBS with analyst Damian Karas downgraded saying the shares are due for a "breather" following the recent run. 3. Boeing (BA) downgraded to Equal Weight from Overweight at Barclays with analyst David Strauss expecting the recovery of 737 Max production to take longer than expected. 4. Discover (DFS) downgraded to Perform from Outperform at Oppenheimer with analyst Dominick Gabriele seeing limited upside in the shares following the rally year-to-date now that his estimates are in-line with the consensus. 5. Cambrex (CBM) downgraded to Outperform from Strong Buy at First Analysis with analyst Steven Schwartz saying the company's valuation multiple is now in-line with peers following the recent share price appreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
WBLR
08/07/19
DOWNGRADE
WBLR
Market Perform
Cambrex downgraded to Market Perform from Outperform at William Blair
William Blair analyst John Kreger downgraded Cambrex to Market Perform from Outperform and raised his price target on the stock to $60 after the company agreed to be acquired by an affiliate of the Permira funds for $60 per share in cash.
08/12/19
CHLM
08/12/19
DOWNGRADE
Target $60
CHLM
Hold
Cambrex downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum analyst Matt Hewitt downgraded Cambrex to Hold from Buy after the company announced that it is being acquired by Permira Funds for $60 per share in cash. The analyst also raised his price target on the shares to $60 from $52.

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