Piper Jaffray Downgrades Sagent Pharmaceuticals (SGNT) to Neutral; Doesn't See Another Bidder Emerging
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July 11, 2016 10:38 AM EDT
RBC Capital downgraded Sagent Pharmaceuticals (NASDAQ: SGNT) from Outperform to Sector Perform with a price target of $21.75 (from $20.00) after the company announced that Nichi-Iko would acquire SGNT for $736 million in cash or a 40% premium to Friday's close.
"Per our conversation with... More
July 11, 2016 6:03 AM EDT
Nichi-Iko Pharmaceutical Co., Ltd and Sagent Pharmaceuticals, Inc. (Nasdaq: SGNT) announced that they have entered into a definitive merger agreement under which Nichi-Iko will acquire Sagent via an all-cash tender offer (the Tender Offer) followed by a second-step merger, for a total consideration of approximately $736 million.
The acquisition price represents a premium of approximately 40.3% to Sagents closing price of $15.50 per share on July 8, 2016. The transaction, which has been unanimously approved by the Nichi-Iko and Sagent Boards of Directors, is expected to close in the second quarter of Nichi-Ikos fiscal year ending March 2017, subject to... More
