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.

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Event-Driven

<ul><li>We are raising our fair value estimate for Power Assets Holdings, or PAH, to HKD 73, based on our anticipation of a successful takeover by Cheung Kong Infrastructure Holdings, or CKI.</li><li>In our view, the combined entity will derive efficiencies.</li><li>The proposal gives 1.04 CKI shares for each PAH share, and we estimate CKI's revised fair value estimate at HKD 70 per share.</li><li>As a sweetener, CKI is proposing a special dividend of HKD 5 for shareholders of the merged entity.</li><li>However, if the takeover fails, we anticipate PAH reverting to its intrinsic value of HKD 68 per share.</li></ul>Analyst: Jennifer SongSector Head: Mathew HodgeFull report below the fold...

We are raising our fair value estimate for Power Assets Holdings, or PAH, to HKD 73, based on our anticipation of a successful takeover by Cheung Kong Infrastructure Holdings, or CKI.In our view, the combined entity will derive efficiencies.The proposal gives 1.04 CKI shares for each PAH share, and we estimate CKI's revised fair value estimate at HKD 70 per share.As a sweetener, CKI is proposing a special dividend of HKD 5 for shareholders of the merged entity.However, if the takeover fails, we anticipate PAH reverting to its intrinsic value of HKD 68 per share.Analyst: Jennifer SongSector Head: Mathew HodgeFull report below the fold...

Proposed Takeover by Cheung Kong Infrastructure Leads to a Boost