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The botched block trade that spoiled bankers' Mother's Day

Major banks are stuck with the Hilton shares they underwrote when prices unexpectedly headed southwards

Published Wed, Jul 22, 2015 · 09:50 PM
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New York

IT all started the morning of Mother's Day.

A rare Sunday e-mail from Blackstone Group LP invited banks to submit pitches to underwrite 90 million shares in hotel-chain Hilton Worldwide Holdings Inc that the private equity-firm needed to unload fast - a US$2.7 billion stake.

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