The Qantas takeover offer by APA closed a little while ago (7pm AEST). The offer price was $5.45 cash per share, but I chose to sell my shares on market this morning for $5.39, even though this also meant having to pay $128.95 brokerage (1.1%). My reasoning is that there is a risk that the offer will lapse, as it requires 70% to succeed, and at least 50% by 7pm tonight in order to be able to extend the offer period a further 2 weeks. As of this morning APA reported having 35% of Qantas. They might make their target (they'll announce the final figure during this weekend), but, if they fail there's no guarantee that a higher offer would be forthcoming. If that happened the share price could easily drop back to under $4. As I was happy to take the offer price, I prefer a bird in the hand to a bird plus 12c that might get away...

Sell QAN QANTAS Airways 09/05/2007 2,175 $5.39 -$11,594.30