Spectrum Brands receives setback with $4.3-bln deal in limbo - brokerage
16/09/2022 12:43
** Spectrum Brands Holdings Inc SPB.N and its investors
received a material setback after the U.S. sued to block a
$4.3-billion proposed deal by Assa Abloy ASSAb.ST to buy SPB's
residential door hardware division - Deutsche Bank urn:newsml:reuters.com:*:nL1N30M1J7
** Brokerage also slashes its PT on Spectrum Brands to Wall
Street-low of $68 from $90
** After hearing unbridled confidence from Spectrum Brands
management around completing the deal, SPB bulls have now been
presented with the very real possibility that such a pivotal
deal will never come to fruition - Deutsche Bank
** Current average rating is "buy" and median PT is still
$100, more than twice as much as the stock's last close -
Refinitiv
** SPB shares, which slumped around 16% on Thursday, have
lost half their value this year
(Reporting by Praveen Paramasivam)
((Praveen.Paramasivam@thomsonreuters.com))