Analyst Issues Sell Notice for Outerwall After Private Equity Firm Bid
Dougherty & Company downgraded Outerwall from “neutral” to “sell” Monday after Apollo Global Management’s announcement it plans to buy the company for $52 a share. Outerwall has been exploring strategic alternatives since March, said analyst Steven Frankel. The Apollo offer…
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is a 51 percent premium to where the stock was trading before the news the Outerwall board had begun running a process and 11 percent higher than its close Friday, said Frankel. Dougherty doesn’t expect a rival bid.