Wednesday, February 29, 2012

Broker battle for big deal

Given its sheer size, the deal involving SLIC and Melstacorp on Spence had its share of broker battle as well, the Daily FT learns.

There had been several brokers who either showed the quantity in full or parts or were firming up already. Some had been asked for a higher price by the seller as well.

 However, akin to a directive from the sky, the deal was eventually done on a shared basis between Sommerville and John Keells Stock Brokers, much to the chagrin of those who sweated previously or almost had the deal.

 Spence trades were done via two blocks – 26 million shares and 18 million shares each with JKSB as the buying broker and Sommerville doing the selling.

source -

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