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Stock impact report

Roth Capital Notes Unexpected Cancellation of ReNew Energy (RNW) Take-Private Deal Following Masdar Withdrawal [Yahoo! Finance]

ReNew Energy Global plc - Class A Shares (RNW) 
Company Research Source: Yahoo! Finance
Energy Global to $8 from $8.15 and kept a Buy rating on the shares. This decision followed the company announcement on December 15 that Masdar pulled out of the investor consortium, leading to the cancellation of the proposed take-private deal. While Masdar did not explain its withdrawal, the firm noted the move was unexpected since both parties appeared to be on the verge of a final agreement. Furthermore, on December 15, Mizuho reduced its price target for ReNew Energy Global to $7 from $8.15 with a Neutral rating following the news that Masdar has withdrawn from the consortium intended to take the company private. Despite a decline in the stock price on the said date, the firm suggested the selloff is overdone and attributed the downward pressure to arbitrage investors exiting their positions rather than a shift in fundamental value. Consequently, Mizuho's revised valuation shifts away from buyout expectations, now basing the target on no-growth next-12-month EBITDA multiples f Show less Read more
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