Berenberg cuts Majorel to 'hold' as it sees no upside to planned offer price

Majorel Luxembourg SA

02/06/2023 09:32

** Berenberg cuts Majorel  MAJ.AS  to "hold" from "buy",
saying there is limited upside to the offer price proposed by
Teleperformance  TEPRF.PA  as part of its planned takeover of
the Luxembourg-based call centre group
    ** Teleperformance said in late April it planned to buy
rival Majorel for 3 billion euros ($3.3 billion), at an intended
offer price of 30 euros per share
    ** Berenberg says Majorel maintains an impressive position
on the market for customer experience services, with
well-established customer relationships, continuous development
of new services and global reach
    ** The broker says that given the commitment by Majorel's
shareholders Bertelsmann and Saham to tender their shares, a
higher-priced counter-bid or an increased offer is highly
unlikely
    ** Due to this limited upside, Berenberg sets its price
target to 30 euros, in line with the intended offer
    ** Out of four analysts covering the stock, two rate it
"strong buy"/"buy" and ​two "hold"
    
($1 = 0.9084 euros)

 (Reporting by Augustin Turpin)
 ((augustin.turpin@thomsonreuters.com))