Verisk set to start week in red after Delaware ruling on AccuLynx deal
BUZZ-Verisk set to start week in red after Delaware ruling on AccuLynx deal Updates
** Verisk VRSK.O shares fall as much as 5.7%, last down 2.5% at $187
** A Delaware judge on Friday ordered the data analytics firm to try completing its planned $2.35 billion acquisition of roofing software maker AccuLynx, more than seven months after Verisk pulled the plug on deal
** "We .... strongly disagree with the decision. It is possible to appeal, among other next steps, and we are evaluating our options” - VRSK
** "We expect VRSK to appeal and seek a stay ... However, this is a negative for VRSK, given it has strategically moved on from the deal and introduces the potential to need to move forward with an expensive acquisition" - Evercore analyst David Motemaden
** 11 of 20 brokerages rate VRSK "buy" or higher and 9 "hold"; median PT $235 - data compiled by LSEG
** As of last close, VRSK stock down 14.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
Recent news on Verisk Analytics
See all newsInsured losses from Hurricane Isaias could reach $2 billion, Verisk says (updated)
Insured losses from Hurricane Isaias could reach $2 billion, Verisk says
Advisory: Inadvertant alert from a Verisk report withdrawn
Deals of the day-Mergers and acquisitions
Brief: Verisk Evaluating Options Including Possible Appeal After Delaware Court Decision On AccuLynx Deal