DA Davidson Downgrades Ameron International (AMN) to Neutral; Cash Offer of $85 Per Share
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Price: $34.50 +0.03%
Rating Summary:
7 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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DA Davidson downgraded Ameron International (NYSE: AMN) from Buy to Neutral. PT $90.
DA analyst says, "Ameron International and National Oilwell Varco (NYSE: NOV) entered into an agreement for NOV to acquire Ameron in an all cash transaction valued at $772 million, or $85 per share. The acquisition represents a ~28% premium to the July 1, 2011 closing price of $66.27 per share. The Boards of Directors of NOV and Ameron (which includes its newest member from Barington Capital Group) have unanimously approved the transaction. The offer price represents ~20x and ~7x our fiscal 2012 earnings and EBITDA estimates, respectively. Subject to shareholder approval, the transaction is expected to close as early as the fourth quarter 2011."
For more ratings news on Ameron International click here and for the rating history of Ameron International click here.
Shares of Ameron International closed at $66.27 yesterday.
DA analyst says, "Ameron International and National Oilwell Varco (NYSE: NOV) entered into an agreement for NOV to acquire Ameron in an all cash transaction valued at $772 million, or $85 per share. The acquisition represents a ~28% premium to the July 1, 2011 closing price of $66.27 per share. The Boards of Directors of NOV and Ameron (which includes its newest member from Barington Capital Group) have unanimously approved the transaction. The offer price represents ~20x and ~7x our fiscal 2012 earnings and EBITDA estimates, respectively. Subject to shareholder approval, the transaction is expected to close as early as the fourth quarter 2011."
For more ratings news on Ameron International click here and for the rating history of Ameron International click here.
Shares of Ameron International closed at $66.27 yesterday.
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