Qantas share price was a $1.00 (or less) when Singo and co. bought up.
They sold out at about $1.30, so a nice little gain. However, they might look at the price today and wish they had held on.
That's the risk of investing.
The long term investors who may have bought in at $5.40+ were wringing their wrists as the share price fell off the proverbial cliff when the takeover attempt failed.
Dixon, Jackson and co. were hopelessly compromised when recommending acceptance of the offer. Fortunately, there were some that did their homework at the time to work out that recommending acceptance was placing tens of millions of Qantas cash into board members pockets.
The ABC's Ticky Fullerton said
. At the time of the APA bid, it was John Elliott's son Tom, then a fund manager with MM&E capital, who told me during a Four Corners program:
Those executives or those directors who stood to benefit personally from the takeover, and obviously Geoff Dixon was the most prominent, he stood to make anywhere between $60 and $100 million, which he said in advance he would give to charity. But that's not really the issue here. I believe he was conflicted.
That's one of the risks investors face when investing their money in any company. You have to have faith in the company board that they will make their decisions in the interests of the company and the shareholders and not themselves.
Good luck with that!