Australia's Irongate hits record high as co gets fresh buyout bid

360 Capital

30/01/2022 23:55

** Shares of Irongate Group  IAP.AX  rise as much as 19.1%
to hit a record high of A$1.87
    ** Co says it received https://www.asx.com.au/asxpdf/20220131/pdf/455ggkjqj6kww6.pdf
 an all-cash takeover offer from Dutch pension fund PGGM and
Charter Hall  CHC.AX , valuing the real estate investor at
A$1.29 bln ($901.45 bln)
    ** Under the proposal, PGGM and Charter Hall will acquire
IAP for A$1.90 cash per co's stapled security 
    ** Stock on track for a second consecutive session of gains 
    ** IAP eyes best session since March 2020 
    ** Earlier this month, co rejected 360 Capital Group's
 TGP.AX  takeover offer, saying that the latter's A$1.72 apiece
bid undervalued IAP  urn:newsml:reuters.com:*:nASX2dS2JX
    ** Stock down ~9.3% this year, as of last close 

     ($1 = 1.4310 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))