UPDATE: Bank of America Moves to No Rating on Ancestry.com Post Takeout by Permira

Bank of America moved its rating on Ancestry.com

from Buy to No Rating as it believes the company no longer trades on fundamentals following a takeover announcement. Bank of America noted, "This morning, Ancestry announced Permira has agreed to acquire Ancestry for $32/share in a cash transaction valued at $1.6bn. The acquisition price represents a 9.7% premium above last Friday's (October 19th) closing price of $29.18. Although the deal is still subject to shareholder approval and other closing conditions, we believe the acquisition will likely occur due to: 1) affiliates of Spectrum Equity (which own ~30% of total shares) have already approved the deal; and 2) Ancestry's Board of Directors have already unanimously approved the transaction." Ancestry.com closed at $29.18 on Friday.