WARNING! BIG SELLOFF COMING AFTER MARKET CLOSE TODAY
"UPDATE 1-AIB may cut M&T stake price after Santander walks
* Analysts expect M&T stake to be sold at a discount * Santander seen reaching its limit for acquisitions * AIB target of 2.5 bln euros from disposals looks tough * AIB shares down 4.2 percent, M&T shares fall 5 percent
(Adds M&T Bank share price, details on sale) By Paul Hoskins and Steve Slater DUBLIN/LONDON, Oct 6 (Reuters) - Allied Irish Banks <ALBK.I>, once Ireland's biggest lender, might have to cut the sale price of its $2.2 billion stake in M&T Bank Corp <MTB.N> after Spanish lender Santander <SAN.MC> walked away. AIB <ALBK.L> shares were down 4.2 percent at 1100 GMT. M&T bank shares fell 5 percent in U.S. morning trading. AIB said on Tuesday that it would sell its 22 percent stake in M&T in a public offering underwritten by Morgan Stanley and Citigroup. The sale is expected after the close of markets on Wednesday, an underwriter said. The decision came after AIB failed to sell to Santander. The Spanish company last month agreed to buy the Irish bank's 70 percent stake in Bank Zachodni <BZWB.WA>, Poland's third largest bank, as part of a 3.1 billion-euro deal. .....
We don't know whether they will sell during after hours or not. We also don't know whether they have sold any yet. The article states that it has to be approved first, but we're having untold volume, thus I believe they are already selling. I don't believe what they stated. This smells more fishy than a lesbian bar.
They're not going to wait until after hours to sell, they would have sold today. If there was a reason for a stock to go down, this would be it. A large shareholder liquidating their position. If the market truly is efficient, it wouldn't have fallen so much today, and it won't selloff because AIB sells it's stock in public offerings.