I’m not sure what to make of it - selling out given they’re no longer an acquisition target makes sense, but doing it before the SWM deal closes is intriguing
SWM would still be on ARN’s investor registry, wouldn’t they? Kerry Stokes held stakes in both SCA and ARN, if I remember correctly. So maybe ARN reducing their stake in SCA is just about cutting down on any potential conflicts ahead of SCA’s merger with Seven — especially now that ARN no longer has any realistic path to pursue a merger with SCA themselves.
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Thats a good point - they would possibly hold close to a reportable stake once things shake out