And late yesterday evening Insurance Australia group’s board formally rejected the latest QBE "offer".
The market reaction today will be interesting to watch given that IAG shares finished around $4.23 and the bid valued them around $4.62.
But with Wall Street down sharply on higher inflation and oil over $US129 a barrel at one stage, IAG shares could be belted; as could those of Macquarie Group.
The SPI has our market opening around 80 points lower.
