Australia's Altamin surges to one-year high on takeover offer

Altamin

04/05/2022 05:25

** Shares of mineral explorer Altamin Ltd  AZI.AX  rise as
much as 45.8% to A$0.105, their highest since April 24, 2021
    ** Stock posts its biggest intraday pct gain since April 21,
2021
    ** Co notes announcement by VBS Exchange Pty Ltd that it
intends to acquire all fully paid shares in Altamin via an
off-market takeover for A$37.2 mln ($26.46 mln)  urn:newsml:reuters.com:*:nASX3gkPGx
    ** VBS is part of the Victor Smorgon Group and Altamin's
largest shareholder with a disclosed voting power of 19.7%
    ** Offer price of A$0.095/share represents a 31.9% premium
to stock's last closing price of A$0.072 on May 3
    ** Takeover offer is expected to open in mid-May and will
remain open for about a month
    ** 8.5 mln shares change hands, compared with the 30-day
average volume of 592,457 shares 
    ** Stock up 7.3% this year, as of last close

($1 = 1.4059 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))