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Fitch may cut Acer
Fitch Ratings said it placed the ratings of Acer Inc. on Rating Watch negative, including its long-term foreign- and local-currency issuer default rating of BBB- and national long-term rating of A(twn).
The watch is based on news that Acer will commence a cash tender offer for all of the outstanding shares of Gateway, Inc. for $1.90 per share, which means total equity value consideration of about $710 million.
The watch will be resolved within three to six months upon further clarity of the price that Gateway is going to pay in exercise of its right to purchase Packard Bell, the possible restructuring costs to be incurred after Acer's acquisition of Gateway, the agency said.
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