so much for rumor control.
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Eagle Hardware ripe for takeover - report
September 10, 1998 10:54 PM
NEW YORK, Sept 10 (Reuters) - Eagle Hardware & Garden Inc., a do-it-yourself home improvement products company, is ripe for takeover target and its stock appears undervalued, according to an analyst quoted in the September 21 edition of Business Week.
Alan Rifkin, a Piper Jaffray analyst, told the U.S. business magazine that in light of current consolidation in the $150 billion industry, Eagle will end up in the arms of Lowe's Cos Inc. (LOW), second only to Home Depot Inc. (HD).
Rifkin believes Eagle stock, currently around 20 a share, is cheap. Rifkin told Business Week that in a buyout Eagle could be worth 40, or $1.1 billion, about the same as its estimated fiscal 1999 revenues.
Lowe's declined to comment to Business Week while Eagle could not be reached for comment. |
