Altium hits record high on $5.9 bln buyout offer from Japan's Renesas

Altium

15/02/2024 02:16

(Updates share moves, adds analyst comment)
    ** Shares of Altium  ALU.AX  soar as much as 30.7% to a
record high of A$67.0
    ** Stock emerges as top gainer on the benchmark index
 .AXJO 
        ** Altium enters binding scheme implementation agreement
with Japanese chip maker Renesas  6723.T  
        ** Under deal, Renesas will buy the Australian software
co for A$9.1 bln ($5.90 bln) in an all-cash deal  
    ** Renesas will pay A$68.50 per share, about a 34% premium
to Altium's closing price on Wednesday 
    ** ALU shares set for best day since June 7, 2021 - if
current trend holds 
    ** Given unanimous support from the board, as well as the
large premium to prior close, we would expect the transaction to
be supported and go through - E&P Capital analyst 
    ** Stock had risen 9.4% this year, as of last close

($1 = 1.5413 Australian dollars)

 (Reporting by John Biju and Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))