UPDATE: D.A. Davidson Terminates Coverage on Titanium Metals Corp.
In a report published Wednesday, D.A. Davidson & Co. terminated its coverage on Titanium Metals Corp. (NYSE: TIE).
D.A. Davidson noted, “On January 8th, Precision Castparts (PCP*-BUY- $186.77) announced the completion of the acquisition of Titanium Metals Corp. As a result of the merger, TIE shareholders will receive $16.50 in cash per share, a 43% premium to the November 9th closing price when the acquisition was announced. As a result of the merger, TIE shares ceased trading on January 8, 2013; therefore, we are discontinuing coverage of TIE effective immediately. All estimates, price targets and rating, as shown, are from the most recent reports published on November 12, 2012 and are now being vacated.”
Titanium Metals Corp. closed on Monday at $16.50.
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