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Liberum downgrades John Laing but lifts target price on KKR talks

Fri, 07th May 2021 08:32

(Sharecast News) - Liberum downgraded its recommendation on shares of John Laing to 'hold' from 'buy' after the infrastructure investor confirmed it was in talks with private equity firm KKR about a possible takeover.
The broker, which lifted its price target on the stock to 380p - the price at which it expects a bid - from 350p, said it was not surprised that KKR sees value in the company.

"They could be accused of being opportunistic," Liberum said, adding that "others may gate-crash the party creating a competitive tension".

However, it said that low risk assets generally get low returns. "Normal take-over premia across the market might be 30%," the broker said. "But we agree with an industry insider who told us '20% would be a great result for Laing's shareholders'. Similar companies tend to trade at circa 10% of NAV."

Liberum said a higher price might be achievable if the buyer can generate synergies.

"The likely buyer of John Laing would probably provide deep pockets, flexible finance and a low cost of capital. A buyer could pay a bigger premium if it believes that John Laing's management team provides the rare skills to access significant investment opportunities in the infrastructure market."

At 1000 BST, the shares were down 3.8% at 365.40p, having surged a day earlier on news of the deal talks.
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John Laing invests USD14 million to up stake in Denver rail project

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29 Jun 2021 07:35

John Laing increases investment in Denver Eagle rail project

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BROKER RATINGS: Anglo American and PageGroup receive downgrades

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John Laing seals investment in McCarthy Stone retirement accommodation

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20 May 2021 09:52

BROKER RATINGS: Berenberg downgrades BT to Hold; RBC raises NatWest

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19 May 2021 12:18

LONDON MARKET MIDDAY: Inflation fears persist ahead of US Fed minutes

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19 May 2021 10:51

TOP NEWS: John Laing accepts GBP2.0 billion takeover offer from KKR

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19 May 2021 08:51

LONDON MARKET OPEN: John Laing jumps on GBP2 billion takeover offer

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19 May 2021 07:57

LONDON MARKET PRE-OPEN: John Laing agrees to GBP2 billion takeover

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19 May 2021 07:01

John Laing agrees to £2bn takeover by KKR

(Sharecast News) - British infrastructure group John Laing has agreed to a £2bn takeover by US buyout firm KKR.

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