Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
DBS Vickers Securities in a June 14 research report says: "Territory Resources' (TTY) board unanimously recommended the acceptance of Noble's offer to acquire up to 100% of the fully paid ordinary shares in TTY at A$0.50 per share by way of an unconditional on-market takeover.
"TTY's board believes that the Noble offer is superior to the bid by Exxaro announced on May 23, which offered to acquire TTY at A$0.46 per share. TTY's share price is currently trading at A$0.515, above Noble's takeover offer price. Furthermore, without a formal response from Exxaro, there is no guarantee that Noble will be able to complete the takeover of TTY.
"Until the takeover is finalised, there is no change in our forecasts - to which we do not expect any significant change. Twelve-month target price of $2.60. MAINTAIN BUY."
Company Name: NOBLE GROUP LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 2.60 |
DBS Vickers Securities in a June 14 research report says: "Territory Resources' (TTY) board unanimously recommended the acceptance of Noble's offer to acquire up to 100% of the fully paid ordinary shares in TTY at A$0.50 per share by way of an unconditional on-market takeover.
"TTY's board believes that the Noble offer is superior to the bid by Exxaro announced on May 23, which offered to acquire TTY at A$0.46 per share. TTY's share price is currently trading at A$0.515, above Noble's takeover offer price. Furthermore, without a formal response from Exxaro, there is no guarantee that Noble will be able to complete the takeover of TTY.
"Until the takeover is finalised, there is no change in our forecasts - to which we do not expect any significant change. Twelve-month target price of $2.60. MAINTAIN BUY."
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