Australia's HRL hits over two-year high after recommending buyout bid

ALS

30/06/2022 01:58

** Shares of HRL Holdings  HRL.AX  rise as much 6.7% to
A$0.160, hitting their highest since February 2020 
    ** Laboratory testing services provider recommends its
shareholders to accept an A$82.2 mln ($56.47 mln) buyout bid
from ALS Ltd  ALQ.AX   urn:newsml:reuters.com:*:nASX31q5wK
    ** Under the deal, ALS will acquire HRL at A$0.16 per share
in cash 
    ** ALS falls 2% to A$10.670, lowest since June 17, and down
for a third straight session 
    ** HRL stock up for a fourth consecutive session; up 30.4%
this year, as of last close 
    ** ALS stock down 16.7% this year, as of last close 

($1 = 1.4556 Australian dollars)

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