Deutsche Bank Downgrades Distribucion y Servicio S.A. (DYS) to Sell
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Deutsche Bank downgrades Distribucion y Servicio S.A. (NYSE: DYS) from Hold to Sell.
The firm said, "DYS announced on Dec 19th it received an offer from Wal-Mart Stores (NYSE: WMT) to acquire up to 100% of the company for US$24.5 per ADR (P$259 per local share) in a public offering to take place within the next 10 days. The controllers (Ibañez family) agreed initially to sell 23.4% of the total shares (the controllers own 64% of DYS). Given that the stock trades (after this announcement) at 30% premium to our target price, we are reducing our recommendation to Sell from Hold."
Distribución y Servicio D&S S.A. operates supermarkets in Chile.
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