Australia's Adore Beauty soars on refusing lowball takeover bid

Adore Beauty

27/11/2023 01:22

** Shares of Adore Beauty Group  ABY.AX  surge as much as
24.6% to A$1.165, their biggest pct gain since Aug 16, 2022, if
trend holds
    ** The stock hits highest level since Jan 16     
    ** The online beauty retailer says it rejected A$1.25-1.30
cash/share offer from THG Plc  THG.L  as it "undervalued" the
company
    ** Says it rejects the proposal as it was not in interests
of co's shareholders 
    ** More than 266,194 shares change hands, over 4 times the
30-day average volume 
    ** As of last close, the stock had fallen 9.22% this year


 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))