Australia's Alloggio Group hits record high on buyout offer

Alloggio

27/03/2023 01:17

** Shares of Alloggio Group  ALO.AX  jump as much as 52.6%
to a record high of A$0.290 
    ** The short-term rental accommodation operator says it has
entered into a scheme implementation deed with Next Capital Pty
Ltd 
    ** Says under deal, Next Capital to acquire Alloggio for
A$0.30 per share in cash - a 57.9% premium to its last close on
March 24
    ** Board of ALO unanimously recommend shareholders to vote
in favour of the scheme
    ** Stock records best intraday pct gain
    ** About 1.9 mln shares exchange hands vs the 30-day average
of 221,834 shares
    ** Stock down 13.6& YTD, as of last close

    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))