UPDATE: Deutsche Bank Downgrades Alterra Capital to Hold on Acquisition
Deutsche Bank reduced its rating on Alterra Capital (NASDAQ: ALTE) from Buy to Hold but raised its price target from $27 to $29
Deutsche Bank commented, "Alterra announced that each of its shares would be acquired by Markel in exchange for 0.04315 shares of Markel and $10 in cash. We do not expect a bidding war to ensue with another suitor aiming to buy Alterra at a higher price. Our Hold rating is based on the assumption that the stock will largely trade in parity with Markel until being acquired."
Alterra Capital closed at $28.18 on Wednesday.
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