A heavy fall in the price of Macquarie Group shares has heightened speculation the investment bank could be the subject of an impending takeover, according to the Herald Sun
Shares in the group that was once known as the "millionaire's factory" have fallen by almost 20 per cent since the beginning of June, closing yesterday a further 38c, or 1.3 per cent, weaker at $28.62.
The fall in the share price below the $30 mark is the first since early 2009, leading analysts to speculate that job cuts are required urgently to boost returns.
CLSA banking analyst Brian Johnson has said that with the once indomitable investment bank trading below value, a friendly takeover bid could not be ruled out…. Macquarie is trading at 8.9 times its expected 2012 earnings, making it substantially cheaper than global rivals Goldman Sachs and Morgan Stanley, who trade at 11.5 times earnings.
http://www.heraldsun.com.au/business/macquarie-group-in-takeover-territory/story-fn7j19iv-1226097142341
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