Raymond James analyst Buck Horne downgraded M.D.C. Holdings to Market Perform from Outperform following the company’s merger agreement with Sekisui House. Though another competing bid is “always possible,” the inclusion of a $147M termination fee suggests a low likelihood of another unsolicited bid emerging, the analyst tells investors in a research note. The firm says that with unanimous approval already provided from the boards of both companies, it sees a high likelihood of shareholder approval from both sides.
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