NZ's Arborgen eyes best day as co receives buyout proposal

Arborgen Holdings

30/06/2021 24:48

** Shares of Arborgen Holdings Ltd  ARB.NZ  climb as much as
25.6% to NZ$0.27, on track for their best session 
    ** Co, which is engaged in forestry business receives
non‐binding, indicative, conditional buyout offer from a third
party  urn:newsml:reuters.com:*:nNZW1WZyyG
    ** Arborgen says a sub-committee of independent directors
that were appointed to assess the offer concluded that proposal
materially undervalues the co
    ** Co starts strategic review to consider options to unlock
value for benefit of shareholders, which include potential sale
of all shares in Arborgen, or potential sale of all or some
assets of co, or a U.S. listing
    ** Stock at its highest since Oct 4, 2018
    ** More than 414,000 shares change hands, vs the 30-day
average volume of 180,000 shares
    ** Stock up 31.9% this year, as of last close
      

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))