You would think with fund managers like Tribeca and Coopers already folding and arb funds coming on the register, Seven could do a quick job of mopping up the register.
Street Talk understands several shareholders, including Tribeca Investment Partners and Cooper Investors, have cleaned out their Boral positions in the recent days. In all, over 8 per cent of the register has turned over since Seven lobbed its bid on February 19.
The early sellers are paving the way for M&A arbitrage funds to come in, which will be betting on making a small – but quick and easy – profit. In all, Boral shares are already pricing in a decent chunk of the afore-mentioned staggered bid price. The stock itself is now tracking its soon-to-be parent Seven’s.
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