Higher Bid for Duff & Phelps (DUF)?; Market, Analysts Say 'Yes'
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Price: $15.54 --0%
Rating Summary:
0 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Duff & Phelps Corp. (NYSE: DUF) announced an agreement today to be acquired by a consortium of private equity buyers for $15.55 per share. However, in the market today the stock has eclipsed this price on speculation of an even higher bid. Shares last traded at $15.69, a nearly 1 percent premium to the announced price. Normally deal stocks trade at a discount to the announced price given outstanding risks.
Commenting on the deal today, analysts at MKM Partners placed a 25 percent probability on a third-party competing offer.
"Given the low break-up fee for parties that participate in the "go-shop" period and the $15.55 price being offered by The Carlyle Group Consortium, which is below the 52-week high ($16.50)," the analyst said.
Commenting on the deal today, analysts at MKM Partners placed a 25 percent probability on a third-party competing offer.
"Given the low break-up fee for parties that participate in the "go-shop" period and the $15.55 price being offered by The Carlyle Group Consortium, which is below the 52-week high ($16.50)," the analyst said.
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