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UPDATE: Wedbush Downgrades MAP Pharmaceuticals to Neutral, Reiterates $25 PT on Likely Acquisition

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2013: Year of the Mega Deal
Map Pharmaceuticals Spikes Higher

In a report published Friday, Wedbush downgraded its rating on MAP Pharmaceuticals (NASDAQ: MAPP) from Outperform to Neutral, and reiterated its $25.00 price target.

Wedbush noted, “Allergan previously announced its intent to acquire Map Pharmaceuticals for $25 per share and Allergan initiated a tender offer which expired on February 28th. The tender offer acquired about 75.1% of all outstanding fully diluted shares of MAPP, which satisfied a majority. In order to complete a short-form merger, Allergan will exercise a top-up option in which Allergan will purchase newly issued shares of MAPP in order for Allergan to own one share more than 90% of outstanding shares. We estimate completion of the acquisition in March/April.”

MAP Pharmaceuticals closed on Thursday at $24.99.

Latest Ratings for MAPP

Mar 2013WedbushDowngradesOutperformNeutral
Feb 2013Ladenburg ThalmannDowngradesBuyNeutral
Jan 2013Deutsche BankDowngradesBuyHold

View More Analyst Ratings for MAPP
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Downgrades Analyst Ratings


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