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TGE

Tallgrass Energy

$18.29

-0.1 (-0.54%)

, BX

Blackstone

$54.50

0.86 (1.60%)

08:29
12/17/19
12/17
08:29
12/17/19
08:29

Blackstone affiliates to buy Tallgrass Class A shares for $22.45 per share

Tallgrass Energy (TGE) announced earlier that it has entered into a definitive merger agreement pursuant to which affiliates of Blackstone Infrastructure (BX) together with affiliates of Enagas, GIC, NPS and USS. will acquire all of the publicly-held outstanding Class A Shares of TGE for $22.45 in cash per Class A share. The transaction is expected to close in Q2 of 2020, subject to the satisfaction of customary conditions, including approval of the merger by holders of a majority of the outstanding Class A and Class B Shares of TGE, voting together as a single class, inclusive of the approximately 44% of the total Class A and Class B shares held by the sponsors. Upon closing of the transaction, the Class A Shares will cease to be publicly traded. Pursuant to the merger agreement, TGE has agreed not to pay distributions during the pendency of the transactions contemplated by the merger agreement. The conflicts committee of the board of directors of Tallgrass Energy GP, TGE's general partner, after consultation with its independent legal and financial advisors, unanimously approved the transaction and determined it to be in the best interests of TGE and its public shareholders. The sponsors expect to fund the purchase of the Class A Shares with approximately $3B of equity, with the remainder of the funding necessary to consummate the transaction provided by debt.

TGE

Tallgrass Energy

$18.29

-0.1 (-0.54%)

BX

Blackstone

$54.50

0.86 (1.60%)

  • 26

    Feb

TGE Tallgrass Energy
$18.29

-0.1 (-0.54%)

09/03/19
SCOT
09/03/19
INITIATION
Target $19.5
SCOT
Sector Perform
Tallgrass Energy initiated with a Sector Perform at Scotiabank
Scotiabank started Tallgrass Energy with a Sector Perform rating and $19.50 price target.
10/11/19
STFL
10/11/19
DOWNGRADE
Target $20
STFL
Hold
Tallgrass Energy downgraded to Hold from Buy at Stifel
Stifel analyst Selman Akyol downgraded Tallgrass Energy (TGE) to Hold from Buy with an unchanged price target of $20. Given Blackstone's (BX) previous take private offer of $19.50 per unit, the analyst believes "significant upside is less likely." Akyol finds Tallgrass Energy fairly valued at current levels.
10/15/19
SBSH
10/15/19
DOWNGRADE
Target $19.5
SBSH
Neutral
Tallgrass Energy downgraded to Neutral from Buy at Citi
Citi analyst Timm Schneider downgraded Tallgrass Energy (TGE) to Neutral from Buy with a price target of $19.50, down from $23. After "some market jitters last week," Blackstone (BX) and Tallgrass Energy both released statements confirming the take-private offer is still alive and in front of the conflicts committee, Schneider tells investors in a research note. He believes Tallgrass units are worth ~$19 fundamentally after adjusting for the recent lowered Pony tariffs. With the lower contributions from Pony Express, the analyst assumes a one-time dividend cut of ~25% to an annualized $1.68 per share taking place in Q1 of 2020.
10/15/19
10/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bloomin' Brands (BLMN) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Mullan saying to reflect the "lackluster" casual dining industry data throughout the Q3, he lowered his blended Q3 U.S. same-store-sales estimate for Bloomin' to up 0.6% from up 1.1%, below the current consensus of up 1.2%. 2. Enbridge (ENB) downgraded to Equal Weight from Overweight at Barclays with analyst Christine Cho saying she thinks the stock's risk/reward is "more fairly balanced at this juncture," especially given the continued headline risks around Line 3 and Line 5. 3. Tallgrass Energy (TGE) downgraded to Neutral from Buy at Citi with analyst Timm Schneider saying after "some market jitters last week," Blackstone (BX) and Tallgrass Energy both released statements confirming the take-private offer is still alive and in front of the conflicts committee. 4. Terex (TEX) downgraded to Sell from Neutral at Citi. 5. Allegheny Technologies (ATI) downgraded to Underperform from Neutral at Longbow with analyst Chris Olin saying a survey of his industry contacts revealed events he believes could have a "disproportionately negative impact" on Allegheny results in calendar year 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BX Blackstone
$54.50

0.86 (1.60%)

10/14/19
BOFA
10/14/19
DOWNGRADE
BOFA
Neutral
Blackstone downgraded to Neutral from Buy at BofA/Merrill
10/14/19
BOFA
10/14/19
DOWNGRADE
Target $52
BOFA
Neutral
BofA gets more selective in alternative asset managers, downgrades Blackstone
BofA Merrill Lynch analyst Michael Carrier downgraded Blackstone (BX) to Neutral from Buy with a price target of $52, down from $54, stating that he is getting a bit more selective within the alternative asset managers sector since valuation multiples have moved higher so far this year while estimates have moved lower. Despite his view that the firm is structurally very well positioned over the long-term, he sees more modest upside for the stock from here and prefers others with a higher portion of fee related earnings of that have upcoming fundraising catalysts, Carrier tells investors. To reflect a more typical level of fundraising ahead and the potential for slightly lower than expected realizations if geopolitical risks linger, Carrier also trimmed his price target for Ares Management (ARES) to $31 from $32 and lowered his target for target for KKR (KKR) shares to $31 from $32.
11/01/19
11/01/19
NO CHANGE

Rice University-Jones Graduate School of Business to hold a summit
Rice Energy Finance Summit will be held in Houston on November 1.

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APLS

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$NSD

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NASDAQ market internals summary »

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