National Express runs into block trade pile-up

Equity indices might be pushing ever higher but the blocks market is proving tough for banks. What looked like a straightforward, mandated £106m sale of National Express stock on Wednesday evening traded off steeply on Thursday morning despite being re-priced to get strong backing from long-only funds.

  • 07 Mar 2013

The seller was funds managed by Elliott Advisors, the hedge fund that had built a 20% stake in the transport firm.

It had mandated Bank of America Merrill Lynch, corporate broker to National Express which took it on its results roadshow. Those results were well-received, and led to ...

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