Law Firm Probes Olin-Huntsman Merger as Wells Fargo Downgrades Stock
OLN is trading near its 52-week low of $17.73 (4.9% above the low).
Summary
A law firm is investigating the proposed Olin-Huntsman merger for potential securities or fiduciary breaches, adding legal risk to the deal. Separately, Wells Fargo downgraded Olin to Equal-Weight and slashed its price target to $20 from $25, reflecting skepticism about near-term value. The merger, announced in June, would give Olin shareholders 54.5% of the combined entity. The downgrade and probe come as Olin trades near its 52-week low after a weak Q2 and credit downgrades. The shareholder vote is set for August 25.
At the time of this announcement, OLN was trading at $18.59 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $17.73 to $30.46. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.