It's impossible to go past the surprise takeover as the best way to spoil any short sellers party. For them, it's Armageddon.
Forget the earnings upgrade, the analyst upgrade, an acquisition or even directors buying up a truckload to restore some faith in a company under attack, nothing causes more anguish than a takeover bid.
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Philip Baker writes on markets specialising in bonds, equity markets and currencies. Based in our Sydney newsroom, Phil is a markets columnist. Connect with Philip on Twitter. Email Philip at pbaker@fairfaxmedia.com.au
