Australia's Irongate Group climbs on buyout offer from 360 Capital Group

360 Capital

18/10/2021 03:47

** Shares of real estate investor Irongate Group  IAP.AX 
rise as much as 5.7% to A$1.585, their biggest intraday pct gain
since Aug. 30
    ** Co says it received an unsolicited, non-binding proposal
from 360 Capital Group  TGP.AX  and 360 Capital REIT  TOT.AX 
 urn:newsml:reuters.com:*:nASX5CqtVp
    ** Says proposal to acquire all of the stapled securities in
IAP, which 360 Capital does not already own, for A$1.6047 cash
per security
    ** Offer price represents a 7% premium to IAP's last closing
price
    ** Board is considering the indicative proposal with the
assistance of its advisers - IAP
    ** Stock hits its highest level since Sept. 28
    ** As of last close, stock up 18.1% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))