UPDATE: Bank of America Moves to No Rating on Cbeyond Following Acquisition Agreement with Birch Communications

In a report published Tuesday, Bank of America analyst David W. Barden moved the rating on

from Underperform to No Rating, and removed the $6.00 price target. In the report, Bank of America noted, “On April 21, Cbeyond announced it has agreed to be acquired by Birch Communications in an all cash transaction valued at approximately $323m. Cbeyond stockholders will receive between $9.97 and $10 per share in cash. The transaction is expected to close within six months. Birch's acquisition of Cbeyond represents the company's 22nd acquisition and will add to Birch's operations across 50 states serving small and medium business customers.” Cbeyond closed on Monday at $9.81.