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UPDATE: Bank of America Moves to No Rating on Ancestry.com

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Jefferies & Company Terminates Coverage on Ancestry.com
Benzinga's M&A Chatter for Thursday December 27, 2012

Bank of America moved its rating on Ancestry.com (NASDAQ: ACOM) 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.

Posted-In: Bank of AmericaAnalyst Color Termination Intraday Update Analyst Ratings

 

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