Time Share

Help regarding efficient market hypothesis?

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The government of Kuwait offered to sell 170 million British Petroleum shares, worth about $2 billion. Goldman Sachs, a U.S investment banker, was contacted after the stock market closed in London and given one hour to decide whether to bid on the stock. They decided to offer 710.5 pence ($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 716 pence ($11.70). The resale was complete before the London Stock Exchange opened the next morning. Goldman Sachs made $15 million overnight.

Discuss this deal from the viewpoint of market efficiency.

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