Although rumours peg National Golf Properties Inc. as on the block, at least one analyst does not expect M&A teeing off anytime soon for the company. Steve Sakwa, a Merrill Lynch analyst, said in a July 11 report while he has heard that the company currently is being shopped to some LBO firms, “we do not think that a definitive announcement is imminent.” Sakwa added that the problem with National is its “limited amount of financial detail regarding [its] underlying course operations,” making it difficult to gauge the value of National’s properties. He also said the company’s stock price run-up is due to takeout speculation. Sakwa did not return calls.
To read the entire story, you must be logged in.
Please log in now or register with us.
