Why isnt anyone discussing long RIO, short BHP as a high value play?
Given that BHP has already failed in its initial 3:1 attempted t/o bid, it is highly likely they will up the ante to 3:1 + cash or even 3.5 or 4:1. BHP isnt going to give up this play easily without a fight so there is a real floor
At Fri close prices, the current ratio is only 130.9/42.47 = 3.08 (2% premium) which infers significant upside in the event of a substantially revised BHP bid.
Consider also that on London's closing prices, the ratio is 5624/1628 = 3.45 which is obviously already pricing in a future bid.
Surprised that this play is so underpriced in our market, think its seriously worth a look.
FWIW, ive got it on 500k size.
Happy Hunting.
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Last
$42.68 |
Change
-0.470(1.09%) |
Mkt cap ! $216.4B |
Open | High | Low | Value | Volume |
$42.71 | $43.20 | $42.68 | $463.8M | 10.82M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 13572 | $42.68 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$42.70 | 457 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 1234 | 42.670 |
3 | 514 | 42.660 |
8 | 4807 | 42.650 |
1 | 588 | 42.640 |
3 | 1292 | 42.630 |
Price($) | Vol. | No. |
---|---|---|
42.800 | 610 | 1 |
43.000 | 1600 | 1 |
43.050 | 1700 | 1 |
43.150 | 4965 | 7 |
43.170 | 494 | 2 |
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