It's not the first time a company has used their strong share price to take over another to the detriment of the target. MIN taking over Norwest Energy comes to mind as another example. Having said that you could have sold out PAF at the time. I sold out of Norwest not wanting the expensive MIN shares. Look at MIN now. Norwest also had a big run up prior to being taked over.
I like WAM's investment strategy with most of their holdings outside of the ASX100. It should do well long term.
WAM Price at posting:
$1.65 Sentiment: None Disclosure: Held
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