Evercore Expects No Other Competing Bids For Keynote
Monday, Keynote Systems (NASDAQ: KEYN) announced that it was to be acquired by Thorma Bravo for $20 per share, valuing the company at $395 million. Analysts at Evercore weighed in Tuesday and said that it was "unlikely" that competing bids for the stock would come in at the takeover price.
Analyst Matthew Williams said in a note Tuesday that the deal valuation was "reasonable" given the net-cash balance and the value of the real estate assets of the company. He raised his price target to $20 on the news, the takeover price, but maintained the equalweight rating on the stock.
Shares climbed 47 percent Monday on the takeover offer but traded slightly lower Tuesday at $19.79, down $0.03.
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