Dougherty & Co Downgrades Integramed America (INMD) to Sell; Acquired By Sagard Capital Partners

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Dougherty & Co downgraded Integramed America (NASDAQ: INMD) from Buy to Sell with a price target of $14.05 (from $15.50).

Analyst, Brooks O'Neil, said, "IntegraMed America, Inc. announced today that it has entered into a definitive agreement to be acquired by affiliates formed by Sagard Capital Partners, L.P. (“Sagard Capital”), an investment fund and IntegraMed shareholder, for $14.05 per share in cash, or a total equity purchase price of $169.5 million. The consideration represents a 24% premium to IntegraMed’s closing stock price of $11.34 on Friday, June 8, 2012, the last trading day prior to today’s announcement...We expect this transaction to be completed and thus, we think the shares will trade at only a small discount to the ultimate acquisition price...We believe the company conducted a process to explore its strategic alternatives, and that Sagard offered the best option. Thus, we do not expect a higher bid,"

For an analyst ratings summary and ratings history on Integramed America click here. For more ratings news on Integramed America click here.

Shares of Integramed America closed at $11.34 yesterday, with a 52 week range of $6.70-$13.50.

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