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Aegean Marine downgraded at Stifel after questionable acquisition [Seeking Alpha]

MARINE PETROLEUM TRUST (MARPS)  More Company Research Source: Seeking Alpha
US:NASDAQ Investor Relations: marps-marine.com
PDF Aegean Marine downgraded at Stifel after questionable acquisitionAegean Marine Petroleum (ANW+1%) isdowngraded to Hold from Buy with a $2.50 price target, slashed from $8, at Stifel, which says "it is hard to even fathom how any transaction could possibly be worse" than ANW'srecent $376M purchase of the parent company of Hellenic Environmental Centers.Stifel dislikes the deal because ANW is issuing equity "at the worst possible time... to the one person in the world the company should most avoid dealing with," and that it would be paying "at least 300% more than even a conservative fair value."By giving the founder 20M shares, the firm thinks ANW will be able to appoint "friendly" board members who would not rock the boat and "allow shady related party transactions" to continue.Click to subscribe to real-time analytics on ANWNow read:Aegean Marine Petroleum Network Inc. Conference Call to Discuss Acquisition of H.E.C. Europe Limited » [Read more]

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