Oppenheimer Removes Arch Chemicals Rating, PT

Oppenheimer removed its Arch Chemicals ARJ Outperform rating and $42 price target in a research report published today. In the report, Oppenheimer states, "In a deal we view as fair to ARJ shareholders, the company agreed to be acquired for $47.20/share by Swiss chemical maker Lonza, a 12% premium to Friday's closing price and a 36.7% premium to the 30-day average price. We do not expect any regulatory or shareholder issues. Lonza expects to begin the tender offer July 15. Move to Not Rated from Outperform and remove $42 price target." Shares of Arch Chemicals were trading at $47.32 at the time of posting, up 12.21% from Friday's market close.