Piper Jaffray lowers its rating on IntegraMed America INMD from Overweight to Neutral and adjusts its price target from $14 to $14.05 (the offer price).
Piper Jaffray notes, "IntegraMed announced it has entered into an agreement to be acquired by the investment fund Sagard Capital Partners for $14.05/share or an equity value of $169.5 MM. The acquisition values the company at ~6.4x our FY12 estimated EV/EBITDA, while the equity value take-out offer is 7.75x FY12E EBITDA, which we believe is a fair valuation for the company. Since ~30% of the outstanding shares have agreed to this transaction (INMD's largest shareholder and Sagard Capital), we think it is unlikely there will be a competing offer."
INMD closed at $13.68 on Monday.
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