This shows several things: how clever they were to have seen that opportunity; how stupid they were to declare the bid "final" at the start (they could have easily got Qantas for $6 a share, which is still $2 billion less than the company is worth) and how mistaken the board was to support them and keep supporting them
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Indeed they were aware of significant arbitrage in the bid price and the 3 month forecast, something which the UBS Team had highlighted. This did not stop the pitt -street- kiribilli gang from having their scapegoat, Fiani resigned a few days ago, which is odd considering he was correct.