Stakebuilding Tied to the stake

It’s no longer enough to get the agreement of the target’s board to seal a takeover bid. To really nail things down, it seems you need a big block of their shares too. That’s the lesson of the latest round of dealmaking in the UK. Look at how Ferrovial snapped up a 28.7% stake in the open market in BAA even after securing a recommendation for its takeover bid. Or the way two rival bidders - Macquarie and Goldman Sachs - are frantically buying shares in Associated British Ports as they scramble ...