Craig-Hallum analyst Chad Bennett downgraded Momentive to Hold from Buy with a $9.50 price target after the company announced it entered into an agreement to be acquired by a consortium led by Symphony Technology Group for $9.46 per share. The transaction is expected to close in Q2 or Q3 of this year and is subject to approval by Momentive shareholders. The transaction is not subject to a financing condition as Craig-Hallum believes the financing is secured to complete the transaction.
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Read More on MNTV:
- MNTV Jumps on $1.5B Acquisition by Symphony Tech
- Momentive downgraded to Hold from Buy at Needham
- Momentive to be acquired by Symphony Technology Group for $1.5B in cash
- Momentive sees Q1 revenue flat to up 2%, consensus $124.2M
- Momentive announces workforce reduction of 14%
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