NEW YORK -- Advest Inc. and Chicago Corp. lowered their investment ratings on Cragin Financial Corp. to "hold" from "buy."
As reported Wednesday, ABN Amro Holding said it intends to acquire Cragin for $38 a share, or an aggregate $510 million.
Cragin was trading at $35.125 Wednesday morning, and both Advest and Chicago Corp. said it was likely the acquisition would be approved by regulators. Therefore, they recommended holding the stock for the remaining 2 7/8 points.
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