European Approval of Takeover Leads Us to Trim WhiteWave’s Uncertainty Rating; Valuation Unchanged
While our $55 per share valuation for no-moat WhiteWave is unchanged, we are reducing our uncertainty rating for the company (to medium from high) in light of the successful resolution of European regulatory concerns about Danone’s purchase of the firm. Although the U.S. antitrust review process is ongoing, we believe the European approval should help pave the way for the transaction to close as scheduled, by the end of the first quarter.Furthermore, as there has been no indication of an altern...
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