Shire without NRPH would be valued at a big discount to the current stock price - maybe even 50%. Shire with NRPH is a natural target for many large pharmas. That being the case I don't understand why one of those big pharmas doesn't trump the Shire bid for NRPH. OK they would have to pay up for NRPH but they would then be in a massively strong position to buy Shire at a big discount. If they wait they'll have to pay considerably more for the combined Shire/NRPH empire. If the tender commences tomorrow (although I dont think the documents have been issued yet) then any counter bid for NRPH would have to come today.