BMO raises Triple Flag's PT on Maverix Metals deal

Triple Flag Precious Metals

11/11/2022 16:35

** BMO upgrades Triple Flag Precious Metals Corp  TFPM.TO 
to "outperform" from "market perform; raises PT to $21 from $20
    ** TFPM said on Thursday that it would buy Maverix Metals
Inc  MMX.TO  in a deal valued at $606 mln
    ** BMO sees the transaction as net asset value accretive
    ** Brokerage cuts PT on MMX to $4 from $5.75 and downgrades
to "market perform"
    ** TFPM and MMX each drop ~2% in current trading session 
    ** MMX stockholders can choose to receive either $3.92 in
cash, or 0.360 of a TFPM share for each share held
    ** BMO says deal's offer price is below its prior PT on MMX;
brokerage is more closely aligning its PT to implied offer
    ** So far this year, TFPM shares decline 3.7% while MMX
slips 10.8%    
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))