P. M. BRIEFING : Fund Cashes In on Trump Offer
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DALLAS — While skepticism remains over Donald Trump’s $7-billion bid for American Airlines, one of the company’s largest stockholders said today it has sold all its holdings in parent AMR Corp. to cash in on the higher stock prices generated by the billionaire’s offering.
Windsor Fund manager John B. Neff said his mutual fund sold the last of its 425,000 shares Monday, getting $104 per share, or $44.2 million. The sale cleared out Windsor’s holding in AMR, which at its height was 4 million shares during the quarter ended July 31, 1988.
Neff said he began selling last Thursday, getting $107 a share hours after Trump’s $120 offer was made public--the stock’s highest price before slipping back.
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