Westmoreland Coal (WLB) to Acquire Oxford Resources GP
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Westmoreland (WLB) Acquisition of Oxford Resource is Positive Development - Imperial Capital
October 17, 2014 11:32 AM EDTImperial Capital affirms Westmoreland Coal (Nasdaq: WLB) at Outperform with a $50 price target following news that it will acquire Oxford Resource Partners.
Analyst Matthew Farwell commented, We view the planned acquisition of Oxford Resource Partners (OXF), announced on 10/16/14, to be positive since Westmoreland now has a master limited partnership (MLP) drop-down vehicle, with a lower cost of capital (higher multiple), capable of paying attractive valuations for $210 - 230mn of identified drop-down EBITDA. WLB shareholders will... More
