Ann: Boral Fifth Supplementary Target's Statement, page-9

hot copper remove afr link, just replace the link with afr link

but look like Hedge fund are the big winner out of this, they can keep buying under $7.40 and keep selling to the Stokes for $7.40
if they want any thing higher than 35-40%.

How Stokes played hedge funds to advantage
The evolution of capital markets over the past 30 years, including the emergence of hedge funds and takeover arbitrage funds, has played into the hands of those seeking control of a company without a decent premium.The Seven Group’s takeover started with a nil-premium offer of $6.50 a share that was outbid in the market by 50¢ to 60¢ a share.

Hedge funds and arbitrage funds piled into the stock between $6.85 and $7.10 a share with seemingly immense confidence the Seven Group offer would be lifted.

The hedge funds which followed this strategy have probably made annual returns of between 70 and 100 per cent. Boral's board had an opportunity to keep Stokes at bay last year when Seven Group requested and was granted two board seats. This was an opportunity for the Boral board to negotiate a standstill agreement with Seven in order to keep its shareholding at 23 per cent. Stokes may not have agreed to that, but it was the only time the Boral directors had any leverage over the situation.

Seven Group only got one board seat after Tanarra and Perpetual kicked up a stink.

now they will goes for three boards seat, two is a given with their 35% plus control