Potential arbitrage for Leighton shareholders

Hochtief has now declared its proportional offer for Leighton shares final. We haven’t been keen on the stock for several years but, if you have it in your portfolio, accepting the offer makes plenty of sense. Even if you want to maintain your holding, you can lock in an arbitrage profit by accepting the offer for three out of every eight shares you hold at $22.50 and then replacing them by buying back on-market at the current price of $19.14. The offer closes this Friday, 9 May, so you should move swiftly to accept it. The stock price has...

Hochtief has now declared its proportional offer for Leighton shares final. We haven’t been keen on the stock for several years but, if you have it in your portfolio, accepting the offer makes plenty of sense.

Even if you want to maintain your holding, you can lock in an arbitrage profit by accepting the offer for three out of every eight shares you hold at $22.50 and then replacing them by buying back on-market at the current price of $19.14.

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