Shire Remains Undervalued as Takeda Weighs Higher Bid and Allergan Enters the Picture

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

<p>We’re not making any changes to our fair value estimates for <a href="https://www.smartkarma.com/entities/22142" target="_blank" data-smartkarma-citation="entities:22142:1">Shire PLC (SHP LN)</a> (GBP 48.90 per share/$205 per ADR) or <a href="https://www.smartkarma.com/entities/11747" target="_blank" data-smartkarma-citation="entities:11747:1">Takeda Pharmaceutical Co Ltd (4502 JP)</a> (JPY 5,400) following Shire’s first-quarter results and continued negotiations between the two firms regarding a merger. The latest offer from Takeda, made on April 24— GBP 49 per share, including almost GBP 22 per share in cash (the highest proportion of cash of any of the prior four offers) —is not a formal bid, but we expect Takeda to…</p>

We’re not making any changes to our fair value estimates for Shire PLC (SHP LN) (GBP 48.90 per share/$205 per ADR) or Takeda Pharmaceutical Co Ltd (4502 JP) (JPY 5,400) following Shire’s first-quarter results and continued negotiations between the two firms regarding a merger. The latest offer from Takeda, made on April 24— GBP 49 per share, including almost GBP 22 per share in cash (the highest proportion of cash of any of the prior four offers) —is not a formal bid, but we expect Takeda to…

Maintaining Our FVE for Shire and Takeda During Extended Offer Period