B. Riley analyst Griffin Boss downgraded Reservoir Media (RSVR) to Neutral from Buy with a price target of $11, down from $11.50, after majority shareholder Wesbild, led by the father of Reservoir CEO Golnar Khosrowshahi, filed an amended 13D to submit a competing acquisition bid after the company confirmed yesterday that it received an unsolicited and conditional indication of interest from one of its shareholders, Irenic Capital Management, to acquire all of the company’s outstanding equity at a price of between $10.00 and $11.00 per share in cash.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RSVR:
- Reservoir Media downgraded to Neutral from Buy at B. Riley
- Reservoir Media takeover offers ‘appear too cheap,’ says Roth Capital
- Reservoir Media says Irenic offering buyout at $10-$11 per share
- Irenic submitted bid worth $10-$11 a share for Reservoir Media, Bloomberg says
- Reservoir Media Issues Updated Investor Presentation and Outlook