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UPDATE: Feltl and Company Downgrades Convio to Hold


Feltl and Company has published a research report on Convio (NASDAQ: CNVO) and has downgraded the company to Hold after being acquired by Blackbaud (NASDAQ: BLKB) for $16/share.

In the report, Feltl and Company writes, "The total value of the deal is nearly $325M, or an enterprise value of $275M plus roughly $50M in existing cash. Blackbaud (BLKB NOT RATED) will fund the deal through a combination of cash and debt. The deal is expected to close in 1Q12. The merger agreement does include a termination provision calling for Convio to pay Blackbaud a $11M termination fee should it decide to terminate the transaction."

Feltl and Company has raised the price target to $16 on Convio, which is currently trading up $5.15 from Friday's $10.74 closing price.

Posted-In: Feltl And CompanyAnalyst Color News Downgrades Price Target M&A Intraday Update Analyst Ratings


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