Under the circumstances, the Genentech price may be the one closer to fair value.

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Whitney also said that while the company's stock still sells at a premium to book value and is expensive, she believes the stock is getting closer to a fair value level and that the hardest work is behind the company.

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British and European share valuations are closer to this fair value, he estimates, than America's.

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Threadneedle had supported Nasdaq's 950 pence per share offer, considering it closer to a fair takeout value than previous bids by rival suitors.

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Closer to home, U.S. futures are below fair value but off their worst levels.

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