Loop Capital analyst Rick Paterson downgraded Air Transport Services (ATSG) to Hold from Buy with a price target of $22.50, up from $22, after the company announced its entry into an acquisition agreement with Stonepeak for $22.50 per share. The firm would not be surprised if a competing bidder “came out of the woodwork at some point, given the modest 3% premium to book value.”
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Read More on ATSG:
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- M&A News: Stonepeak Will Acquire ATSG for $3.1B
- Air Transport Services to be Acquired by Stonepeak
- Morning Movers: Air Transport Services jumps following $3.1B take-private deal
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