Vivid remains attractive takeout candidate despite rally, says Citi

Citi says that following Bloomberg’s report Vivid Seats (SEAT) may be exploring a sale, the stock is up 20%. Despite the move, Citi still sees scope for Vivid to be acquired at a premium to the prevailing equity value, as its leveraged buyout model suggests the company remains an attractive private equity takeout candidate with a “fairly robust” internal rate of return of 27% at a $5.50 per share offer price. It reiterates a Buy rating on the shares with a $7 price target