Australia's APM Human Services soars after rejecting CVC Asia's $960 mln buyout bid

APM Human Services International

19/02/2024 01:27

** Shares of APM Human Services International  APM.AX  rise
as much as 73.5% to A$1.440
    ** APM stock touches its highest level since Dec 4, 2023 
    ** The human services provider says it rejected an A$1.47
bln ($960 mln) buyout offer from private-equity firm CVC Asia
Pacific
    ** Says offer "does not sufficiently reflect the fundamental
value of APM"
    ** Under offer, APM shareholders would receive 
consideration of A$1.60 cash per share - almost double of APM's
last close of A$0.83
    ** More than 5.5 mln shares change hands, vs the 30-day
average volume of 3.3 mln
    ** APM down 32.2% YTD, as of last close

    ($1 = 1.5314 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))