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Fly News Breaks for June 27, 2016
SKUL
Jun 27, 2016 | 08:43 EDT
Roth Capital analyst Dave King says Mill Road Capital Management announced an all-cash proposal to acquire 100% of Skullcandy for $6.05 per share. The news follows an earlier offer by Incipio to acquire Skullcandy for $5.75 per share, the analyst tells investors in a research note. Mill Road began accumulating a 9.8% stake on June 13, King notes, adding that the reasonable multiples offered and potential for synergies in the Incipio transaction set the stage for a possible bidding war. The analyst reiterates a Buy rating on Skullcandy's stock and raised his price target on the shares to $6.65 from $6.
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