Dahlman Rose Downgrades International Coal (ICO) to Hold; Arch (ACI) Deal All But Done
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Price: $14.59 --0%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Dahlman Rose downgraded International Coal (NYSE: ICO) from Buy to Hold.
Dahlman analyst said, "With this transaction Arch (NYSE: ACI) is gaining materially higher exposure to metallurgical markets and adding to its limited Illinois Basin position, while International Coal shareholders are receiving a significant premium at the $14.60/share offer price. Following debt and equity offerings by Arch as well as the receipt of Hart-Scott-Rodino anti-trust approval last week, we view the merger close as highly likely, and are therefore downgrading our recommendation to Hold."
For more ratings news on International Coal click here and for the rating history of International Coal click here.
Shares of International Coal closed at $14.57 yesterday.
Dahlman analyst said, "With this transaction Arch (NYSE: ACI) is gaining materially higher exposure to metallurgical markets and adding to its limited Illinois Basin position, while International Coal shareholders are receiving a significant premium at the $14.60/share offer price. Following debt and equity offerings by Arch as well as the receipt of Hart-Scott-Rodino anti-trust approval last week, we view the merger close as highly likely, and are therefore downgrading our recommendation to Hold."
For more ratings news on International Coal click here and for the rating history of International Coal click here.
Shares of International Coal closed at $14.57 yesterday.
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