Australia's Adbri jumps most in over two decades on $1.4 bln takeover bid

Adbri

18/12/2023 24:23

** Shares of Adbri  ABC.AX  rise as much as 33.9% to
A$3.040, their best day since Dec. 16, 2003
        ** Stock hits its highest level since May 5, 2022
  
    ** Construction material co says it is in talks with CRH
 CRH.N  and Barro Group for an A$2.1 billion ($1.41
billion)takeover offer
    ** Adds, deal for two companies to buy shares that Barro
does not already own
    ** Adds, offer price of A$3.20 per share is a 41% premium to
stock's last closing price
    ** 2.1 mln shares change hands, compared with the 30-day
average volume of 473,265 shares
    ** Stock has risen 37.2% YTD as of last close

   

($1 = 1.4939 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))