P & O - Full Steam Ahead

hcsg25,

Like others, I sold in the market while the price remains substantially higher than the bid. Counterbid looks less and less likely and the upside must be limited even if it comes. But to take up your earlier point about Loan Notes, this is a common device in many/most takeovers to allow shareholders to 'manage' Capital Gains. Taking cash or selling in the market creates a potentially taxable gain; taking the Loan Notes 'rolls over' the gain into the Loan Notes until they are sold so by spreading sales over a number of tax years you can minimise CGT or avoid it altogether if you keep profits below CGT band annual exemption. They are usually guaranteed by a bank and pay a modest rate of interest. May not be of use to you this time, but bound to come up with some other share you hold.

Regards, Ian
(N.B. No relation to the Dubai-ians!)