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Jefferies downgrades Network International to 'hold'

Mon, 24th Apr 2023 10:32

(Sharecast News) - Jefferies downgraded payments firm Network International on Monday to 'hold' from 'buy' and lifted the price target to 400p from 360p as it said that a second non-binding bid by private equity makes a take private more likely.

Network International announced on Friday that it had received a "highly preliminary" 400p a share cash offer from Canada's Brookfield Asset Management.

This followed an earlier bid from a consortium of CVC Capital Partners and Francisco Partners at about 387p a share.

Jefferies said it believes the chances of both bidders walking away seem low at this point.

"Our new price target is in-line with the latest non-binding offer by PE firm Brookfield, following a non-binding offer by the consortium this week," it said.

"The current share price suggests the market sees a good chance that the latest offer, or something modestly above that, will now be successful."