Hedge funds hot – but not too hot – for Nova Chemicals
Tuesday, February 24, 2009 : PermalinkGlobe and Mail – The hedge fund crowd jumped on Nova Chemicals yesterday, thrilled to invest in a takeover, but pessimistic that a bidding war will begin for the chemical company.
Despite heavy trading yesterday, the price of shares in Nova never came close to the $6 (U.S.) a share cash offer from Abu Dhabi state-owned oil company International Petroleum Investment Co. (IPIC).
Tags: abu dhabi, bidding war, chemical-company, crowd, globe and mail, international-petroleum, nova chemicals, oil-company, petroleum investment co, share cash, takeover
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