S&P Equity Research Downgrades CSK Auto (CAO) to Hold
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S&P Equity Research downgrades CSK Auto (NYSE: CAO) from Buy to Hold.
S&P analyst, M. Souers, says, "CAO signs a definitive agreement to be acquired by O'Reilly Automotive (Nasdaq: ORLY), pending required approvals, for $11.00 per share in ORLY common stock and $1.00 per share in cash, for a total transaction value of about $1 billion, including debt. We had presumed that ORLY would increase its bid for CAO after its first bid of $8.00 per share was rejected, and we think the agreed-upon deal makes sense for both parties. We are increasing our target price by $1 to $12 and we expect the transaction to receive both regulatory and shareholder approvals."
CSK Auto Corporation (CSK) is a specialty retailer of automotive parts and accessories in the United States.[SM]
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