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 SYDNEY, Australia (AP) - A 10.8 billion Australian dollar ($8.9 billion) takeover bid for one of the world's best-known airlines, Qantas, finally collapsed on Tuesday, taking the company's share price down with it.
Shareholders — believed to include international hedge funds that stockpiled Qantas shares recently in hopes of making quick profits on the takeover — dumped the company's stock when trading resumed for the first time since a chaotic long weekend surrounding the buyout attempt.
Qantas shares plummeted more than 4 percent to 5.13 Australian dollars ($4.23) from Friday's close of 5.38 Australian dollars ($4.44) before recovering to hover around 5.20 Australian dollars ($4.29) with more than 100 million shares traded in less than one hour.
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