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(c) On May 1997, the government of Kuwait offered to sell 170 million shares worth nearly $2 billion. Goldman Sachs was contacted after the stock

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(c) On May 1997, the government of Kuwait offered to sell 170 million shares worth nearly $2 billion. Goldman Sachs was contacted after the stock market closed in London and given one hour to decide whether to bid for the stock. They decided to offer $11.59 per share and Kuwait accepted. Then Goldman Sachs went looking for buyers. They lined up 500 institutional and individual investors worldwide, and resold all the shares at $11.70. The resale was completed before the London Stock Exchange opened the next morning Goldman Sachs made $15 million o crnight: What does this dcal say about market efficiency

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