FRO - Euronav's Future Clouded By Takeover Bids: Analyst Sees Unchanged Takeout Price And Possible Privatization | Benzinga
Stifel analyst Benjamin J. Nolan downgraded Euronav NV (NYSE: EURN) to Hold from Buy at a lowered price target of $18.43 (from $20.00).
Last week, the Belgian oil tanker and storage operator confirmed that the second shareholder, Compagnie Maritime Belge (CMB), offered to acquire Frontline Plc's (NYSE: FRO) 26.12% stake in the company for $18.43 per share.
The proposed transaction would also involve FRO acquiring 24 VLCC tankers from the EURN's fleet for $2.35 billion.
CMB, ...