(News Bulletin 247) – Invest Securities downgrades its opinion on ESI Group from ‘buy’ to ‘neutral’, before advising whether or not it advises to tender to the offer, and raises its target price from 120 to 155 euros, the price offered by Keysight.
“A month after the confirmation of talks for a takeover, ESI announced an offer from Keysight at a price substantially higher than current prices and consistent with our transaction valuation estimate”, underlines the analyst.
‘However, if the success of the takeover bid is hardly in doubt with regard to the support of shareholders representing 50.6% of the capital, the compulsory withdrawal is not certain and will depend on the position of the founder, Alain de Rouvray ‘, he nevertheless warns.
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