Wolfe Research downgraded Altair to Peer Perform from Outperform. The firm notes on Wednesday, Altair (ALTR) announced that it has reached an agreement to be acquired by Siemens (SIEGY), for $113 per share in an all-cash deal, representing an equity value of approximately $10.6B. The take-out price of $113 per share is, in Wolfe Research’s opinion, a good outcome for shareholders and represents a 19% premium to Altair’s unaffected price and a 13% premium to its unaffected all-time high closing price.
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