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Our Coverage of DDUP-EMC

Today's Sample Report

$Sepracor Inc. (SEPR) - Dainippon Sumitomo Pharma (TSE: 4506)

September 4, 2009 (11:30a) - Initial Analysis

This offer appears to be relatively straightforward, with the one possible caveat regarding the offer price. SEPR has been very clearly driven down by broader-market conditions over the last year, so it's recent share price is probably not an accurate reflection of its true value. This is a factor that may come into play if major shareholders express concerns over the opportunistic nature of this offer.

As of this entry, there is no indication of shareholder dissent, nor is there indication of a higher third-party offer. Both of these can not be ruled out at this early stage of the transaction.

On the regulatory front, this deal will clear the HSR review without any problems or delays. There is a small chance of a Competition Canada approval requirment, as SEPR has recently established a substantial presence in that jurisdiction for various cardiovascular products. However, even if this regulator becomes involved, there is no expectation of delays.

In short, if the current offer price holds, Dainippon should be able to complete the tender offer by the second or third week of October.

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