Intermex drops for a 3rd day; Citi says Western Union wants deal to get done

Intermex (IMXI) shares dropped 8% for a third consecutive day, trading around $10.60, as investors worry about the closure of its $500 million acquisition by Western Union. Citigroup analyst Bryan Keane noted that Citi moved the deal's close date to November 10 due to ongoing California regulatory review. Despite lower-than-expected standalone performance for Intermex, synergy potential supports the deal economics. However, increased uncertainty led Keane to lower his price target on Western Union to $6.