Stifel Raises price Target on Intralinks Holdings (IL) Following Schedule 14D-9 Filing

Stifel reiterated a Hold rating on IntraLinks Holdings (NYSE: IL), and raised the price target to $13.50 (from $13.00), following the company's Schedule 14D-9 filing. ntralinks disclosed that it received an unsolicited, non-binding indication of interest from a potential financial buyer for an acquisition of the company for $13.50 per share on December 8, 2016. In addition, any acquirer would also be required to pay the agreed upon break-up fee of $25mn to Synchronoss.

Analyst Gur Talpaz commented, "Prior to the market open on Monday, December 19, Intralinks released a Schedule 14D-9 filing that detailed the timeline of events that led up to the company's announcement that it had agreed to be acquired by Synchronoss Technologies earlier this month. Additionally, it was also revealed that on December 8 Intralinks received an unsolicited, non-binding indication of interest from a potential financial buyer identified in the filing simply as "Party J" for an acquisition of Intralinks at $13.50 per share. Intralinks and Party J have entered into a non-disclosure agreement that will allow Party J to conduct its due diligence process, which remains ongoing. However, Intralinks restated its recommendation that its shareholders accept the original offer made from Synchronoss for $13.00 per share, a $0.50 discount to Party J's $13.50 proposed takeover price. In addition, investors should recall that Intralinks would incur a $24.6mn termination fee if the company did in fact enter into an alternative acquisition agreement, which represents an additional ~$0.40-0.50 per share in expenses for any other potential acquirer. While it is currently unclear how this situation will transpire, we are raising our target price to $13.50 to reflect Party J's competing bid and reiterating our Hold rating."

For an analyst ratings summary and ratings history on IntraLinks Holdings click here. For more ratings news on IntraLinks Holdings click here.

Shares of IntraLinks Holdings closed at $13.48 yesterday.

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Stantec Inc. (STN:CN) (STN) PT Lowered to Cdn$169 at Desjardins
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy