UPDATE: Barrington Research Downgrades Archipelago Learning to Perform
Barrington Research lowers its rating on Archipelago Learnings (NASDAQ: ARCL) to Perform following the announcement that the company will be acquired by PLATO Learning.
Barrington Research notes, "While the acquisition price ($11.10) is below our published 12 -month price target of $12, we suspect it is likely to go through as propos ed given the “extended” evaluation, which included a formal competitive process, as well as Providence's (49%) support. We are, as such, reducing our investment rating to MARKET PERFORM but wouldn't recommending selling shares as we can't rule out a competing bid for this high-quality asset."
ARCL closed at $11.02 a share on Friday.
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