NCR - Cardtronics stock slides after NCR inks acquisition pact; Truist downgrades

Cardtronics (CATM) drops 5.9% after NCR ([[NCR]] +1.0%) agrees to buy the ATM operator and service provider for $39 per share, less than the $40.75 closing price of CATM on Friday.Truist analyst Andrew Jeffrey downgrades the stock to Hold from Buy, saying the price for CATM wasn't fair."We suspect CATM holders will look back on this transaction anf feel chagrined that they did not hold out for more," Jeffrey writes in a note to clients.The combined company is expected to achieve $100M-$120M in run rate operating cost synergies by the end of 2022.For NCR, the acquisition accelerates its NCR-as-a-Service Strategy and shifts its revenue mix to software, services, and recurring revenue, CEO Michael D. Hayford said.The acquisition is to add to NCR's non-GAAP EPS in first full year following the close of the transaction.NCR plans to finance the transaction with cash on hand and fully committed financing from Bank of America,

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Cardtronics stock slides after NCR inks acquisition pact; Truist downgrades