MAKOR EVENT DRIVEN MORNING COMMENTS th June 8 2015 fought Elliott’s proposals, performed an 11th-hour U-turn and welcomed two of the proposed directors to the board. The episode resulted in further criticism and questions over the future management of the trust. ACTELION / SHIRE Actelion is a potentially logical target for Shire and a bid is plausible given Shire’s goal to pursue further significant M&A, JPMorgan says in note.  Notes Actelion is a specialty pharma/rare disease pulmonary arterial hypertension (PAH) franchise that may see strong topline growth and progressive margin expansion until at least the mid 2020s. Sees potential for significant cost-cutting, particularly within Actelion’s R&D line. Sees low clinical risk, with Actelion’s Opsumit already approved and Selexipag likely to be approved in the U.S. by Oct. this yr . Says arguments against pursuing an acquisition include modest accretion (12% by 2020 at base case, 23% by 2020 at bull case) and Actelion having previously fought off activist investors looking for a sale  NOTE: Yday, Shire Approached Actelion in Recent Weeks: Sunday Times NR / ARMS RESSOURCES NR said it will accept a “significantly increased” cash offer from Asia Coal Energy Ventures Limited for its 17.2% shareholding in Asia Resource Minerals plc. Co. says ACE agreed to raise their bid for ARMS from 41 pence to 56 pence per share, valuing the total equity of ARMS at over $200million . April 15, 2015 3