Today, EQT walked away from their tabled takeover of IRESS. They’ve had a good, long look at the books, and couldn’t make it stack up at ~$16/share.
We agreed, having exited our position at $13, when Barrenjoey was first rumoured to be active in the market (hoovering shares at c$13).
That view appears to have been proved correct, although we did miss the various hikes (raised offers), which was perhaps a tad annoying. Still fundamentals prevail, and although we like the quality of the stock, would look for a more attractive entry price.
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