UPDATE: Stifel Nicolaus Downgrades Robbins & Myers to Hold Following Announced Take-Out Deal

Stifel Nicolaus downgraded Robbins & Myers

from Buy to Hold and suspended its $55 price target on shares. Stifel NIcolaus commented, "Robbins & Myers and National Oilwell Varco (NOV: $76.34, Not Covered) have entered into an agreement under which NOV will acquire RBN in an all cash transaction that values RBN at about $2.6 billion market cap. … We are downgrading shares of RBN from Buy to Hold based on our feeling that the deal is likely to close at the offer price of $60 per share." Robbins & Myers closed at $59.63 on Thursday.