Terremark Worldwide Downgraded From Buy To Hold
According to Benchmark, Terremark Worldwide (NASDAQ: 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.
