Platinum Equity has announced that the private equity firm has now completed the acquisition of Covad Communications Group, Inc. (
AMEX: DVW) in a merger with a total value of approximately $470 million. An affiliate of Platinum Equity acquired all outstanding shares of Covad stock for $1.02 per share in cash. This was one we reviewed for our special situation newsletter last year for what would have now netted close to 30% to completion when the spread had widened out to the point it looked at risk. We determined after speaking with all parties involved that the deal was not in...
As we have been expecting, Covad Communications Group Inc., (
AMEX:DVW) announced that it has obtained all of the required regulatory approvals for it to be acquired by an affiliate of private equity firm Platinum Equity. This deal had already been approved by shareholders, and now it has secured approval from the FCC and a number of state public utility commissions. Covad expects that its $1.02 all-cash buyout is expected to close on April 15, 2008. We recently reviewed this transaction for what we felt was a safe bunt for a 10% return in our "10 Stocks Under $10" newsletter, and...
UPGRADES VASCO Data Security VDSI RBC Capital Mkts Underperform » Sector Perform Gehl GEHL BMO Capital Markets Market Perform » Outperform Imax IMAX Soleil Hold » Buy Coca-Cola FEMSA KOF JP Morgan Neutral » Overweight Teekay LNG Partners TGP Wachovia Mkt Perform » Outperform Northgate Minerals NXG CIBC Wrld Mkts Sector Underperform » Sector Perform Actuate ACTU JMP Securities Mkt Perform » Mkt Outperform Schnitzer Steel SCHN DA Davidson Underperform » Neutral Manpower MAN Citigroup Hold » Buy Platinum Underwriters PTP Banc of America Sec Neutral » Buy US BioEnergy USBE UBS Neutral » Buy General Motors GM UBS Sell » Buy FormFactor FORM Citigroup Hold » Buy Acuity Brands AYI Robert W. Baird Neutral » Outperform Suncor Energy SU Friedman Billings Underperform » Mkt Perform Petro-Canada PCZ Friedman Billings Mkt Perform » Outperform Nexen NXY Friedman Billings Mkt Perform » Outperform
DOWNGRADES Portfolio Recovery Assoc. PRAA Kaufman Bros Buy » Hold ICF International ICFI Stifel Nicolaus Buy » Hold American Medical AMMD Stifel Nicolaus Buy » Hold Volcom VLCM Caris & Company Above Average » Average American Medical AMMD Piper Jaffray Outperform » Market Perform Las Vegas Sands LVS BMO Capital Markets Outperform » Market Perform Home Inns HMIN Brean Murray Buy » Hold Covad DVW Jefferies & Co Buy » Hold DJ Orthopedics DJO Susquehanna Financial Positive » Neutral
Video News Headlines: Hewlett Packard's New Chair, IMAX Sued Again, NBC's New Broadband Venture, Covad's New Phone Service, Sony and Another Delay. (HP) (IMAX) (GE) (DVW) (SNE) (DELL) (APPL)
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