Hedge Funds in UK Northern Rock Bid
Filed in archive Hedgetalk on January 7, 2008
Hedge funds SRM Global and RAB Capital over the weekend announced their reasons for blocking the takeover of northern Rock, saying their bid is still a viable one.
"It is nothing like the "lame duck" that some would have you believe," said the hedge fund SRM in a statement. "Based on the company's stated guidance regarding its valuation, SRM believes that the company's book value is materially in excess of its current share price."
Northern Rock has been after a reasonable bid since it became a casualty in the global credit crisis this year.
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