Jefferies Comments On INC Research Offer To Kendle

According to Jefferies, Kendle Int'l KNDL were made an all-cash acquisition offer by INC Research. Jefferies said that INC Research (private) made a $15.25 per share all cash offer for Kendle, representing a 60.5% premium over yesterday's close. “The purchase price implies a 9.2x multiple of our $37.3M NTM EBITDA estimate. Given both the compelling premium and valuation it appears the bidding process was quite competitive. The likelihood of a higher offer emerging seems low.” Kendle Int'l closed yesterday at $9.50.