According to the Wall St Journal rock-bashing company Vulcan Materials today recommended shareholders refuse an unwanted, nearly $5 billion offer from rival Martin Marietta to buy shares directly from existing stockholders. Backing up Vulcan’s rejection is Goldman Sachs, which was advising the company’s board.
The Goldman bankers crunched numbers on Martin Marietta’s offer and came up with the answer from on high: Nope, this offer is too cheap. (Based on current share prices, the Martin Marietta offer values Vulcan at $38.32 a share.)
On the other side of the Chinese wall is Goldman’s equity-research arm. And those Goldman-ites don’t agree with their brethren. In a recent stock-research note, Goldman downgraded its recommendation on Vulcan shares to a “sell” — a rare rating for grade-inflation Wall Street….
Read more at http://blogs.wsj.com/deals/2011/12/22/goldman-sachs-disagrees-with-goldman-sachs/?mod=
No comments:
Post a Comment