“Press release: Vanguard thinks that effective coronavirus treatments are in the interests of our portfolio. We have implemented the following cost effective hedging strategy:
If Gilead releases an effective treatment for free, Vanguard will buy shares for $XX at every quantity”
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“Vanguard encourages other owners of Gilead, including e.g. management, to take this substantial premium over the current price into consideration when weighing your future investment decisions. To reiterate: if free treatment, we will happily buy all of your shares.”
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Perhaps, but is it the best approach? Vanguard/Blackrock/State Street owns >20% of Gilead. Why buy up the whole company when you can in practice tell management what to do already? This is much larger step outside their normal approach.
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