Equity market debates whether new block model is art or atrocity

By Aidan Gregory, Sam Kerr
22 Jan 2020

A trade in Orpéa that mixed an auctioned block trade with a wall-crossing process left equity capital markets players bristling this week. But while some bankers disliked the method of bank selection, others told Sam Kerr and Aidan Gregory that the process worked for the issuer and investors.

The €456m block trade of shares in the French nursing homes company was sold in its entirety on Tuesday night. The shares have traded above the offer price since.

The seller was Orpéa’s founder, Jean-Claude Marian, who wanted to dispose of his last holding in the ...

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