Oppenheimer downgraded Clearwater Analytics (CWAN) to Perform from Outperform without a price target after the company entered into an agreement to be acquired by a Permira and Warburg Pincus-led investor group for $24.55 per share in cash. While some may view the acquisition price as “underwhelming,” the odds are low that another bidder will emerge given the size of the acquirer group and the strength of the buyers’ balance sheets, the analyst tells investors in a research note.
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