Citi keeps a Neutral rating on Vertex (VERX) after Thomson Reuters (TRI) announced a competitive bid to acquire Pagero for SEK 40 per share versus Vertex’s offer of SEK 36 per share. Based on the trading of Pagero, the market is expecting another competitive higher bid to come from Vertex, the analyst tells investors in a research note. The fir views this as making strategic sense but says it could create further concerns on the financing based on investor push back on the prior preferred share announcement. Citi thinks Vertex cause face investor concerns on financing for a likely quick turnaround.
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