Stern Agee CRT speculated on rumors of Proctor & Gamble Co PG acquiring Church & Dwight Co., Inc. CHD sent shares up to $125 early Wednesday morning, although the firm downplayed the possibility of any acquisition.
"A Proctor and Gamble, Church and Dwight deal would be surprising" despite the overlap they have in laundry, oral care and hair care. The firm claimed Proctor & Gamble is "likely to spend the next 12-18 months stabilizing its core" rather than expanding it.
It would make sense for Proctor & Gamble to focus on "increasing margin potential before adding meaningful complexity" in the form of a brand takeover, Sterne Agee CRT said.
The firm did admit, though, that Church & Dwight "is one of the few names in our group small enough to get taken out," including The Clorox Company CLX.
After touching $125 in the pre-market session, Church & Dwight shares recently traded at $97.73, up 2.2 percent on the day.
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