Will ANZ bid for Mike Pero?
An interesting rumour surfaced the other day that the ANZ National Bank is contemplating a takeover of recently list broking firm Mike Pero Mortgages.
Of course the bank isn't saying anything. Its official response is: "We don't comment on market rumours."
While this is a rumour, you can see the logic behind it. MPM is quite possibly considered to be cheap. Since its IPO last year the share price has barely lifted above its issue price of $1. Yesterday it closed at 84c and has bounced from just under 70c a few weeks ago.
How do you explain the bounce? On one hand people are expecting the housing market to slow so it should weaken, however there has been some strong data recently that may have buoyed it.
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