Price leap follows news of Sainbury’s £1bn tender leaving short-sellers in home Retail Group such as Odey Asset Management nursing hefty one-day losses
A collection of hedge funds maintain lost more than £30m in a single afternoon after shares in Home Retail Group,the owner of Argos and Homebase, rose on the news that Sainsbury’s had made a takeover approach.
Hedge funds maintain bet heavily against Home Retail by shorting the shares, and gambling that Argos will come under pressure from Amazon and fierce competition on the tall street.
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Source: theguardian.com