The Zacks Analyst Blog Highlights: Duff & Phelps, Carlyle Group, Credit Suisse
Group, Barclays and Royal Bank of Canada
CHICAGO, Jan. 3, 2013
CHICAGO, Jan. 3, 2013 /PRNewswire/ --Zacks.com announces the list of stocks
featured in the Analyst Blog. Every day the Zacks Equity Research analysts
discuss the latest news and events impacting stocks and the financial markets.
Stocks recently featured in the blog include Duff & Phelps Corporation
(NYSE:DUF), The Carlyle Group LP (Nasdaq:CG), Credit Suisse Group (NYSE:CS),
Barclays PLC (NYSE:BCS) and Royal Bank of Canada (NYSE:RY).
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Here are highlights from Wednesday's Analyst Blog:
Duff & Phelps to Be Sold for $665M
New York-based Duff & Phelps Corporation (NYSE:DUF) – a financial advisory and
investment banking firm – announced a deal whereby a consortium –involving The
Carlyle Group LP (Nasdaq:CG), Stone Point Capital LLC, Pictet & Cie and Edmond
de Rothschild Group – will acquire it. The deal is priced at $665 million.
The acquiring companies will pay $15.55 per share in cash – a 19% premium on
the closing price of the shares on December 31, 2012 – to buy Duff & Phelps
stake. The proportions of the stake buyout were not specified, but none of the
acquiring firms would be buying more than 35% of the shares individually as
per Duff & Phelps. The transaction is expected to close in the first half of
The deal allows Duff & Phelps a 'go-shop' interlude commencing immediately and
ending on February 8, during which it will look for higher offers from other
potential buyers. Duff & Phelps would pay a break-up fee of nearly $6.65
million to the consortium if it gets a higher bid and ends the deal before
Centerview Partners advised Duff & Phelps on the deal and Kirkland & Ellis LLP
provided legal guidance. The consortium was advised by Sandler O'Neill +
Partners, L.P, Credit Suisse Group (NYSE:CS), Barclays PLC (NYSE:BCS) and RBC
Capital Markets – a wing of Royal Bank of Canada (NYSE:RY). Wachtell Lipton
Rosen & Katz was the legal counsel for the consortium.
Duff & Phelps provides valuation and merger advices to other companies. The
company is looking forward to grow significantly on account of higher
regulatory demand, implementation of new accounting policies and requirements
for amplified corporate disclosure and third-party validation. Now, with the
presence of big private equity firms, it is all set to utilize this growth
opportunity as well as expand internationally.
Currently, Duff & Phelps retains a Zacks#3 rank, which translates into
short-term Hold rating.
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