UBS's Vertex stake no threat to Masthead

A UBS fund yesterday declared a 5.8 per cent stake in Vertex but it is not seen as a serious threat to a successful Masthead takeover.

The interest was declared by Sydney-based UBS Nominees.

It is understood the stake is an arbitrage opportunity rather than a beachhead for a blocking 10 per cent stake. Vertex shares have been trading at $2.07 against Masthead's $2.09 bid price.

Earlier yesterday, Masthead said it had acquired 34.6 per cent of the company.