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Non-Tech : Berkshire Hathaway Class B
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To: 16yearcycle who wrote (450)1/15/1999 6:42:00 PM
From: Richard Forsythe  Read Replies (2) of 1652
 
There was definitely a spike in the volume when the merger was announced. I am guessing that there were many funds whose mission is sufficiently flexible that they could sell GRN as soon as they liked. E.g. an income fund that liked GRN's divi would probably sell as soon as the merger became public. However, other funds -- mostly index funds -- are obliged by charter to reflect the index. I don't know how much latitude they are given when the index changes, but I imagine they were not at liberty to sell GRN when the merger was announced. I guess they opted for B, for liquidity, and sold 'em as soon as they came in. It's all just my guesswork though.

As for buybacks, I'd guess not. I just can't imagine WEB buying back stock, he bought GRN for the assets--why give them back?

Richard
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