Guggenheim downgrades Endeavor Group stock following Silver Lake's take-private deal
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Guggenheim downgraded Endeavor Group Holdings Inc (NYSE:EDR) stock from Buy to Neutral and revised the price target to $27.50 from $36.00. The downgrade comes after Silver Lake, Endeavor's largest shareholder, reached an agreement to take the company private at $27.50 per share, representing a 55% premium over the unaffected share price. The acquisition has been recommended by a Special Committee of Endeavor's Independent Directors and approved by majority stockholders. The deal is expected to be finalized by the end of Q1 2025. The analyst noted that the one-year timeline for the deal's closure is likely linked to the gaming licenses held by Endeavor's subsidiary, OpenBet. TKO, which is not involved in the transaction, stands to benefit as it remains a publicly traded company. The analyst also mentioned that concerns about TKO's balance sheet being used for Endeavor's privatization were unfounded, and a capital return program for TKO could now be more probable.



https://www.investing.com/news/stock-market-news/guggenheim-downgrades-endeavor-group-stock-following-silver-lakes-takeprivate-deal-93CH-3363132