Oddo BHF raises its opinion on Exclusive Networks from 'underperform' to 'neutral', with a target price raised from €20 to €23, following confirmation of a letter of intent from CD&R and Permira at a price of €24 per share.

While acknowledging that the low premium offered 'may appear disappointing to some long-term investors', the research department considers that it is not really surprising, and that the offer correctly values the cybersecurity specialist.

The launch of a takeover bid at 24 euros would be the most enviable short-term option for the minority shareholder, who would benefit from an immediate window of liquidity and avoid the possible pressures of successive placements", the analyst believes.

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