Loading...
Loading...
According to Benchmark, Terremark Worldwide
TMRK downgraded to Hold with sale pending.
Benchmark reported that it downgraded Terremark from Buy to Hold. “Verizon's $19 per share tender offer commenced on February 10 with 28% of TMRK's stock pledging acceptance. A competing bidder appears unlikely. Our price target remains $19 per share. The tender, which originally expired on March 10, has been pushed back to March 21. A majority of TMRK's stock is required to complete the tender. If Verizon gets more than 50% but less than 90%, then the sale will go to a shareholder vote and the remaining shareholders are likely forced to accept the $19 offer. If more than 90% of shares are tendered, then the tender is essentially accepted and all shares will be redeemed at $19. We expect this sale to go through as planned.”
Terremark Worldwide closed yesterday at $18.98.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in