Chiron continued by Merrill Lynch with no rating

Chiron Corp. was kept by Merrill Lynch analyst Eric Ende with no rating, following its rejection of the $40 per share takeover offer from Novartis AG. Merrill estimates total break-up or acquisition value of Chiron at about $38 and the fundamental fair value for Chiron shares under current management is closer to $32 to $34 per share. Chiron shares Tuesday were up $0.72, or 1.68%, at $43.51 on volume of 2,602,311 shares versus the three-month running average of 1,578,500 shares.

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