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MSG

Madison Square Garden

$262.74

-2.1 (-0.79%)

06:58
09/30/19
09/30
06:58
09/30/19
06:58

MSG Networks announces preliminary results of modified Dutch auction tender

MSG Networks announced the preliminary results of its modified Dutch auction tender offer, which expired at 12:00 midnight, New York City time, on September 27. Based on the preliminary count by Equiniti Trust Company, the depositary for the tender offer, a total of 14,980,092 shares of MSG Networks' Class A common stock, par value 1c per share, were properly tendered and not properly withdrawn at or below the purchase price of $16.70 per Class A Share, including 7,515,909 Class A Shares that were tendered by notice of guaranteed delivery. In accordance with the terms and conditions of the tender offer and based on the preliminary count by the Depositary, MSG Networks expects to accept for purchase, at a price of $16.70 per Class A Share, approximately 14,980,092 Class A Shares properly tendered at or below the purchase price and not properly withdrawn before the expiration date, for an aggregate cost of approximately $250,167,536, excluding fees and expenses relating to the tender offer. Included in the 14,980,092 Class A Shares MSG Networks expects to accept for purchase in the tender offer are approximately 10,032 Class A Shares that MSG Networks has elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding Class A Shares. As MSG Networks expects to accept for purchase all the Class A Shares that were properly tendered and not properly withdrawn at a price at or below $16.70, MSG Networks expects there to be no proration factor. The Class A Shares expected to be purchased represent approximately 24.3% of the Class A Shares issued and outstanding as of September 26, 2019. The company will pay for the Class A Share repurchases with a combination of available cash and borrowings under its existing revolving credit facility.

MSG Madison Square Garden
$262.74

-2.1 (-0.79%)

02/01/19
IMPC
02/01/19
NO CHANGE
Target $372
IMPC
Outperform
Imperial Capital keeps $372 target on MSG after Q2 beat
Imperial Capital analyst David Miller raised his estimates for Madison Square Garden after the company reported fiscal Q2 results well ahead of expectations. The maintains an Outperform rating on the shares with a sum-of-the-parts price of $372.
02/14/19
IMPC
02/14/19
NO CHANGE
Target $383
IMPC
Outperform
Madison Square Garden price target raised to $383 from $372 at Imperial Capital
Imperial Capital analyst David Miller raised his price target for Madison Square Garden to $383 after recalibrating various components in his sum-of-the-parts base model. The analyst increased his 2019 terminal value entry on the New York Knicks NBA franchise to $4.0B from $3.29B, consistent with the new Forbes valuation. He also boosted the value of the Rangers to $1.60B. Miller maintains an Outperform rating on Madison Square Garden.
07/02/19
IMPC
07/02/19
NO CHANGE
Target $377
IMPC
Outperform
Madison Square Garden valuation likely to keep rising, says Imperial Capital
Imperial Capital analyst David Miller believes Madison Square Garden's valuation is likely to keep increasing despite the latest player movement at the start of the NBA's free agency period. The analyst, however, lowered his fiscal 2019 and 2020 estimates due to higher corporate expenses. "Far too much emphasis" is being placed on the Knicks at present, Miller tells investors in a research note. He believes the market had "perhaps been telegraphing" the likelihood that the Knicks would not be able to sign either Kevin Durant nor Kyrie Irving, as MSG shares declined 6.1% in the month of June. Miller keeps an Outperform rating on Madison Square Garden with a $377 price target.
08/22/19
MACQ
08/22/19
INITIATION
MACQ
Outperform
Madison Square Garden transferred with an Outperform at Macquarie
Macquarie transferred coverage of Madison Square Garden shares to Paul Golding, who maintains an Outperform rating following the company's "murky" Q4 headline results. In a research note to investors, Golding says he still sees catalysts on the horizon including the Sports spin, eSports, Spheres and growth in Entertainment.

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