Boenning & Scattergood Downgrades VIST Financial (VIST) to Neutral; Acquired by Tompkins Financial (TMP) for $12.50/share
Boenning & Scattergood downgraded VIST Financial (NASDAQ: VIST) from Outperform to Neutral.
Boenning analyst says, "VIST Financial and Tompkins Financial (NYSE: TMP) entered into a merger agreement (announced yesterday) under which Tompkins will acquire VIST in an all-stock transaction valued at ~$86M or ~$12.50 per share. The $12.50 price per share represents an exchange ratio of 0.3127 shares of Tompkins common stock based on the 20 day average closing price for TMP shares as of January 24, 2012. The exchange ratio is subject to adjustment based on the average closing prices of TMP shares for the 20 bbusiness days ending three business days prior to the VIST shareholder meeting called to approve the agreement."
For an analyst ratings summary and ratings history on VIST Financial click here. For more ratings news on VIST Financial click here.
Shares of VIST Financial closed at $10.80 yesterday, with a 52 week range of $5.18-$11.50.
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