Forum Archive Index - October 2003

[Robin Benson <rob@hammerheadmedia.co.uk>]

On 13 Oct 2003, at 08:41, <philip@goodreturns.co.nz> wrote:

> Toll’s got to the 85% mark with its TRH takeover, but two institutions 
> controlling about 5% of the stock are refusing to accept the offer. I 
> understand these are Guardian Trust Funds Management and ACC – but 
> neither of them are speaking.
>
> Any ideas of why the hold out and whether they are likely to extract a 
> better price?
>
> Also a little ironic a quasi-Government fund – ACC – is holding up the 
> Govt’s deal to buy back the tracks.

Not ironic at all. ACC have had a free hand for quite some time now.

My guess is they are holding out for more, and the savvy people in 
charge of their equities are unlikely to do so without some chance of 
success. Of course, it's not cut and dry, but they have taken similar 
positions before.

Robin

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