Qantas bid on edge as hedge funds play their hands

To maximise their profits hedge funds are likely to try to keep the $11 billion Qantas takeover bid alive for as long as possible, limiting acceptances to 50 to 60 per cent of the airline's stock on Friday. The prediction came when 36 million shares changed hands yesterday and the price fell $0.02 to $5.30 with no indication of a significant rise in acceptances.