The off-market block trade, which was arranged by Morgan Stanley, was done at a discount to KrishnanÆs outstanding offer price, resulting in an arbitrage opportunity. According to a source familiar with the transaction, some 10 hedge funds, most of which specialise in event-driven strategies, jumped at this opportunity and the M$824.7 million $240 million deal was covered in about 10 to 15 minutes.
The block, which consisted of 54.17 million shares, was...
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