Lexmark increases tender offer price for all outstanding shares of ReadSoft Lexmark has increased its cash tender offer price for all of the outstanding shares of Sweden-based ReadSoft to Swedish Krona 50.00, a 16% increase from Lexmark's prior offer of SEK 43.00, for each Class A and Class B share of ReadSoft for a price of approximately $224M, net of cash acquired. Lexmark made the decision to increase its tender offer price in response to a competitive offer for ReadSoft shares announced on July 7. This cash offer by Lexmark of SEK 50.00 is 11% higher than the most recent competitive offer. Lexmark has also directly acquired shares in ReadSoft and now owns approximately 5.3% of all outstanding shares in ReadSoft. The new offer period will begin on or about August 7 and run to August 28, unless otherwise extended. Settlement of the tender offer is expected to occur around September 4, after the end of the offer period.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Abbott (ABT) upgraded to Overweight from Equal Weight at Barclays... Anglo American (AAUKY) upgraded to Equal Weight from Underweight at Morgan Stanley... Autohome (ATHM) upgraded to Buy from Neutral at UBS... BHP Billiton (BHP) upgraded to Overweight from Equal Weight at Morgan Stanley... CME Group (CME) upgraded to Buy from Neutral at BofA/Merrill... Ctrip.com (CTRP) upgraded to Buy from Neutral at BofA/Merrill... Delek US (DK) upgraded to Outperform from Market Perform at Wells Fargo... E.W. Scripps (SSP) upgraded to Buy from Hold at Evercore ISI... HollyFrontier (HFC) upgraded to Buy from Hold at Deutsche Bank... Kimberly-Clark de Mexico (KCDMY) upgraded to Overweight from Neutral at JPMorgan... Lazard (LAZ) upgraded to Buy from Hold at Sandler ONeill... Lexmark (LXK) upgraded to Neutral from Sell at Citi... Lundbeck (HLUYY) upgraded to Neutral from Sell at Goldman... Marathon Petroleum (MPC) upgraded to Outperform from Market Perform at Wells Fargo... Mead Johnson (MJN) upgraded to Buy from Neutral at Nomura... Morgan Stanley (MS) upgraded at RBC Capital... RELX (RELX) upgraded to Buy from Hold at Deutsche Bank... Rio Tinto (RIO) upgraded to Overweight from Equal Weight at Morgan Stanley... Suez Environnement (SZEVY) upgraded to Buy from Hold at Societe Generale... Trustco Bank (TRST) upgraded to Market Perform from Underperform at Keefe Bruyette.
Lexmark upgraded to Neutral from Sell at Citi Citi analyst Jim Suva upgraded Lexmark (LXK) to Neutral citing its thesis of overly-optimistic management expectations has mostly played out with the stock down 25% over the past 12 months. The analyst keeps a $31 price target for shares. Sava says Apple (AAPL) remains his top pick in Computer Hardware.