DSM Deal for Martek (Nasdaq:MATK) Positive Says Canaccord

The $31.50 bid by DSM for Martek Biosciences (Nasdaq:MATK) is a good one, according to Canaccord Genuity, and they see value in the company shareholders in general don't at this time.

Canaccord says, "DSM offers $31.50/share in cash for MATK. We do not expect a competing bid as IP expiration is not the challenge for DSM that it is for any other potential suitor. Anticipate deal will close as announced by early Q2/2011...We view DSM as the ideal acquirer as the risk of buying MATK is patent expiration, yet DSM is already exposed to this risk and has IP of its own that could be synergistic."

Canaccord Genuity changed their rating on Martek Biosciences to "Tender." Martek is trading at $31.52, down $0.15, or 0.47 percent, as of 12:19 PM EST.

Canaccord has a price target of $31.50 on them, and see no likelihood of another suitor pursuing Martek.