Bauer Performance Sports Will Change Its Name, List Its Shares On NYSE
Bauer Performance Sports yesterday said that it "plans to list its shares on the New York Stock Exchange and change its name to Performance Sports Group Ltd, as part of a move to reflect its recent strategic acquisitions and expanded focus," according to REUTERS. Bauer earlier this year announced it was "buying the Easton baseball and softball business" for $330M in cash. Bauer also said that it plans to raise about $110M "via an equity offering in Canada and the United States." Bauer plans to "use proceeds from the deal to pay down debt and repay part of the term loan facility taken on to fund the acquisition of the Easton assets." Bauer was "owned for about a decade" by Nike before being sold to private equity firm Kohlberg & Co in '08. Trading on the NYSE "will begin on June 20, under the symbol IPO-PSG.N" (REUTERS, 6/9). The MIDEAST TIMES' Masoud Bidgoli notes stock analysts at NBF today "lifted their target price" on Bauer shares. NBF's target price would "suggest a potential upside of 12.85% from the company's current price." A number of other firms also have "recently commented" on the stock. Analysts at CIBC "raised their price target," while analysts at Scotiabank "reiterated an 'outperform' rating on shares" (MIDEASTTIME.com, 6/10).