Leerink Swann Suspends Millipore (MIL) Rating After Acquisition Announced

Leerink Swann analysts Isaac Ro and Jeff Ares suspended their rating of Millipore Corporation (NYSE: MIL) due to the pending acquisition of the company by Germany's Merck KGaA.

The analysts said that they would, "no longer put forth a valuation on MIL shares as our rating is suspended due to the announced acquisition by Merck KGaA. We now view the stock as in an arbitrage situation and not trading on fundamentals."

The board of directors of the two company's have agreed on a sale price of $7.2 billion, or $107 per share.

Millipore Corporation closed at $94.41 on the previous trading day and has already climbed more than 11% in pre-market trading to $105.20, as of 8:11 AM EST.