Monday December 24, 11:17 AM
Emap "hold," target price raised
LONDON, December 24 (newratings.com) - Analyst Alex DeGroote of Panmure Gordon maintains his "hold" rating on Emap PLC (LSE: 382652.L - news)
(ticker: EMA-GBX). The target price has been raised from 800p to 925p.
In a research note published this morning, the analyst mentions that the company has received a 471p per share cash bid from Eden Bidco. Taking into consideration the cash special dividend of 460p per share recently announced by Emap, the cash offer sums up to 931p per share, the analyst says. A rival offer is unlikely to merge, since Eden Bidco's offer fairly values Emap and the latter company has recommended the offer to shareholders, Panmure Gordon adds.
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