Languid Acquisition Process Continues for No-Moat WhiteWave; Valuation Unchanged
We do not intend to change our $55 per share fair value estimate for no-moat WhiteWave after the company announced third-quarter earnings. The firm now expects its pending acquisition by Danone for $56.25 per share to close in the first quarter of 2017 after a slower-than-expected regulatory review. Despite the delay, we continue to expect the deal to close successfully, with a time value of money-related adjustment offsetting the impact of the belated close on our valuation. The purchase has al...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company 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 approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 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 and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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