Walgreens Boots Alliance (WBA -2.8%) slips below $60 the day after the blockbuster news that the company is mulling over a PE-backed leveraged buyout.
Analysts are still buzzing over the M&A wildcard. This morning, Jefferies calls the odds of a takeout low and Wells Fargo places the probability of a deal below 50%. Meanwhile, Mizuho thinks any buyout deal would land in the $60 to $67 range. Even at that level, a LBO would be among the largest in history, although shares of Walgreen were swapping hands as high as $86 late last year. Other analysts see the LBO exploration as a possible precursor to asset sales by Walgreens or cost-cutting initiatives.
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