Monday, July 24, 2006

Block offers for HFCK and CMC today: a takeover?

There were block offers today as follows
HCFK 1,600,000 shares @ 35/= representing 1.4% of the company's shares
CMC 1,000,000 shares @ 85/= representing 2% of the ompany's shares

Both offers represent are at a premium from the price prevailing at the market. (ie HFCK 17%, CMC 13%).

Could someone be working to build a sizeable stake in the two firms? HFCK is particularly intersting as it comes months after collapse of talks between Trancentury and CDC regarding the former's interest in buying CDC'S 24% stake.