Q: Is the sudden brief deep drop today with recovery indicative of any problem with the take over by Blackstone? Thank you.
5i Research Answer:
There was no news. The deal has been approved by shareholders and has received court approval. The number of shares traded at low prices Friday was fairly low, and it looks to us like a panic sell due to market conditions or a 'fat finger' type of trade (mistake). The stock quickly recovered and we are not aware of any issues with deal nor do we expect any.