Deutsche Bank Downgrades Hercules Inc. (HPC) to Hold
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Deutsche Bank downgrades Hercules Inc. (NYSE: HPC) from Buy to Hold and lowers their price target from $24 to $23.
The firm believes that the Ashland (NYSE: ASH) bid will unlikely be topped, and said, “We consider Ashland's ($41, NR) $3.2B offer for Hercules (9.0x '09, adjusted for asbestos, underfunded pension plan, FX swaps) fair, though below the price Dow is paying for Rohm & Haas (10.9x '09E). With deal terms of ~80% cash/20% stock, this equates to $22.42/shr (a 35% premium) based on Ashland's closing price of $41.10. Given our belief that Hercules' board did contact the other, most likely bidders for the company, we do not expect a higher bid to emerge."
Hercules Incorporated engages in the manufacture and marketing of specialty chemicals and related services for business, consumer, and industrial applications worldwide.
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