Barclays analyst Adrienne Yih downgraded Skechers (SKX) to Equal Weight from Overweight with a price target of $63, up from $53, after the company announced its agreement to be acquired by 3G Capital for $63 per share in cash. Robert Greenberg, Chairman of the Board and CEO, beneficially owned 92.6% of the outstanding Class B Common Stock, with his immediate family owning an additional 7.4%, giving him 59.9% of the aggregate voting power when combined with his family’s shares, notes the analyst. With no competing footwear product in the 3G portfolio, the firm sees “no fundamental anti-trust risk that would prevent the transaction from closing,” the firm added.
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