H.C. Wainwright downgraded Spectrum (SPPI) to Neutral from Buy and removed the firm’s previous price target following the announcement that Assertio Holdings (ASRT) agreed to acquire Spectrum in an all-stock and contingent value rights transaction. Upon closing, Spectrum stockholders will own approximately 35% and Assertio stockholders will own approximately 65% of the combined company, the analyst noted. Spectrum shares are likely to trade in-line with Assertio’s stock, which the firm notes it does not cover.
Published first on TheFly
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