|Bid||11.43 x 36100|
|Ask||11.50 x 38500|
|Day's Range||11.44 - 11.54|
|52 Week Range||2.22 - 11.55|
|Beta (5Y Monthly)||1.41|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 27, 2021 - May 03, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||11.10|
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of ORBCOMM Inc. ("ORBCOMM") (NASDAQ: ORBC) in connection with the proposed acquisition of the Company by GI Partners. Under the terms of the all-cash merger agreement, ORBCOMM shareholders will receive $11.50 in cash for each share of ORBCOMM common stock that they hold. The transaction is valued at approximately $1.1 billion.
Shares of Orbcomm Inc. jumped 52% on April 8 after the mobile network provider inked a deal with GI Partners, a US-based investor in data infrastructure businesses, to be acquired in a cash-deal worth $1.1 billion, including net debt. Orbcomm (ORBC) CEO Marc Eisenberg said, “GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.” Per the terms of the agreement, GI Partners will pay $11.50 in cash for each share of Orbcomm. The price tag represents a 52% premium to the company’s closing price on April 7. (See Orbcomm stock analysis on TipRanks) The transaction, which awaits Orbcomm shareholders’ approval and certain regulatory approvals, is expected to close in the latter half of this year. Canaccord Genuity analyst Michael Walkley downgraded the stock to Hold from Buy and decreased the price target to $11.50 from $13 following the announcement of the acquisition. Walkley said, “Given the premium paid and the fact it is an all cash transaction, we anticipate the deal will close by the second half of C2021.” The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 2 Buys and 3 Holds. The average analyst price target of $11.50 implies that shares are fully valued at current levels. Shares have increased 68% so far this year. Orbcomm scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Related News: FDA Approves NuVasive’s Simplify Disc For Two-Level Cervical Total Disc Replacement Accenture Buys Core Compete For An Undisclosed Sum, Boosts Client Services Everbridge Inks Deal To Acquire xMatters For $240M; Street Is Bullish More recent articles from Smarter Analyst: Wall Street Roundup: Bullish & Bearish Calls Of The Day Elastic Teams Up With Confluent To Enhance User Experience Canopy Growth Snaps Up Supreme Cannabis For $435 Million HealthEquity Snaps Up Further For $500 million
With the business potentially at an important milestone, we thought we'd take a closer look at ORBCOMM Inc.'s...