Don't really know anything about GWR and the takeover but I would imagine that if ANZ have taken possession of stock then it would be a simple matter of them selling into the Fairstar takeover offer to maximise the return (of course if it was Fairstar's stock they got that may be different kettle of fish and would also raise the question as to what Fairstar would be doing placing stock of a company they are in the process of attempting to takeover with a share lender).
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