Cellnex jumps 10% on speculation of takeover offer from American Tower, Brookfield [Seeking Alpha]
American Tower Corporation (REIT) (AMT)
Last american tower corporation (reit) earnings: 4/29 07:00 am
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Source: Seeking Alpha
Cellnex jumps 10% on speculation of takeover offer from American Tower, BrookfieldJan. 20, 2023 12:48 PM ETCellnex Telecom, S.A. (CLNXF)CLLNYAMTBy:Joshua FinemanSA News EditorJ2R/iStock Editorial via Getty ImagesCellnex (OTCPK:CLNXFrose 10%s gained 8.5%fell 2.3%.Spanish digital newssiteOkdiario reportedthat American Tower () and Brookfield (BAM) hired advisors for a potential bid for Cellnex ().JPMorgan analyst Akhil Dattani cast some doubt on the report in a note on Thursday writing that Cellnex refuted that it has been approached by AMT or mandated a bank. He also pointed out that the Spanish website has had issues with credibility in the past and questions why Cellnex's CEO would have stepped down recently if a takeover offer was coming."The key question is at what price Cellnex and its core long-term shareholders (top 10 = 47% of the market cap) might be open to exit," Dattani wote. "We suspect the bid-ask spread could be wide."Dattani said that JPMorgan's standalone price target
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