The firm's decision to remove the stock's rating comes after Israeli software provider Nice Systems (NICE) announced it will acquire the Midvale, UT-based cloud software solution provider for about $940 million by the end of the year, Reuters reported.
Last Wednesday, Nice announced it will pay inContact $14 per share in cash and finance the merger with cash on hand as well as debt of up to $475 million, according to Reuters.
"We think odds are low that another bidder will emerge owing to a fair price, in our opinion, that is a 55% premium to the last trading day prior to the bid," Oppenheimer analysts said in an investor note.
The firm does not foresee any regulatory issues with the merger.
Meanwhile, shares of inContact are rising by 0.11% to $13.88 late Monday morning.
Separately, TheStreet Ratings rated inContact as a "hold" with a score of C-.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, TheStreet Ratings finds that the company's return on equity has been disappointing.
You can view the full analysis from the report here: SAAS