In December 1995 NatWest, one of the largest British banks, sold its U.S. retail banking operations to
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In December 1995 NatWest, one of the largest British banks, sold its U.S. retail banking operations to Fleet Financial for about $3.5 billion. This price was much less than industry observers had expected, but NatWest’s stock price nevertheless sharply increased. “The central explanation [for the stock price rise] was found in the strong hints in NatWest’s announcement that it would not rush out immediately and spend the sale money on some ill-judged and overpriced acquisition.”49 NatWest also announced that it was considering repurchasing shares. How would you interpret this episode?
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Adherents of the freecashflow hypothesis would argue that N...View the full answer
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Related Book For 
Principles of Corporate Finance
ISBN: 978-0072869460
7th edition
Authors: Richard A. Brealey, Stewart C. Myers
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