Canaccord Genuity on CPI International (CPII): Not To Be Outdone By A Cannery
CPII Hot Sheet
Rating Summary:0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 82
Canaccord Genuity on CPI International (Nasdaq: CPII): Not to be outdone by a cannery...
Canaccord analyst said, "CPI has inked a deal with private-equity firm Veritas Capital to be acquired for about $525 million. The California-based provider of microwave, radio frequency and power and control solutions said the offer amounted to $19.50 a share, a 35% premium to the prior-day close and a level the shares haven’t seen in years. “Our board of directors and management believe this transaction will provide considerable benefits for CPI’s customers, and CPI’s stockholders will benefit from a significant premium over the current stock price,” said Joe Caldarelli, chief executive of CPI. The CEO went on to note that the company will continue serving its current markets, with plans to expand. “The company has a long history of providing technology and product excellence to the defense, communications, medical and scientific markets,” said Robert B. McKeon, Veritas Capital chairman, who noted the company “looks forward” to continuing the tradition under its ownership. CPI reported solid growth in its last quarter, with Caldarelli saying at the time that “business in our defense markets remained stable, and our commercial markets continued to advance.” Fourth-quarter results are due next month. The transaction is subject to CPI stockholder approval and other customary regulatory and closing conditions, though shareholders holding 49% of CPI’s outstanding stock have entered into a voting agreement with a Veritas affiliate to demonstrate their support for the deal.
To see all upgrades/downgrades on shares of CPII, visit our Analyst Ratings page.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
Canaccord analyst said, "CPI has inked a deal with private-equity firm Veritas Capital to be acquired for about $525 million. The California-based provider of microwave, radio frequency and power and control solutions said the offer amounted to $19.50 a share, a 35% premium to the prior-day close and a level the shares haven’t seen in years. “Our board of directors and management believe this transaction will provide considerable benefits for CPI’s customers, and CPI’s stockholders will benefit from a significant premium over the current stock price,” said Joe Caldarelli, chief executive of CPI. The CEO went on to note that the company will continue serving its current markets, with plans to expand. “The company has a long history of providing technology and product excellence to the defense, communications, medical and scientific markets,” said Robert B. McKeon, Veritas Capital chairman, who noted the company “looks forward” to continuing the tradition under its ownership. CPI reported solid growth in its last quarter, with Caldarelli saying at the time that “business in our defense markets remained stable, and our commercial markets continued to advance.” Fourth-quarter results are due next month. The transaction is subject to CPI stockholder approval and other customary regulatory and closing conditions, though shareholders holding 49% of CPI’s outstanding stock have entered into a voting agreement with a Veritas affiliate to demonstrate their support for the deal.
To see all upgrades/downgrades on shares of CPII, visit our Analyst Ratings page.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
You May Also Be Interested In
- Barclays on Cooper (CBE)/Eaton (ETN) Deal: Industry Implications - Is Hubbell (HUB-B) Up Next?
- Nomura Securities Maintains a 'Buy' on Lowe's (LOW); Review of Q1
- Barclays Maintains an 'Overweight' on Tidewater (TDW); Dayrates Climb, But Adjusting Numbers Lower on Expenses
Create E-mail Alert Related Categories
Analyst Comments, Mergers and AcquisitionsRelated Entities
Genuity Capital MarketsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
