Australia's ARN Media jumps on stake purchase by Seven West Media

ARN Media

13/11/2023 02:20

** Shares of ARN Media  A1N.AX  rise as much as 13.1% to
A$0.950, set to climb most since June 15, 2022 if gains hold
    ** Australia's Seven West Media  SWM.AX  buys a 14.9% stake
in A1N for about A$50.1 mln ($31.86 mln) at A$1.10 per share
    ** Purchase price represents a 31% premium to A1N's last
close
    ** A1N stock hits highest level since Aug. 24
    ** More than 61 mln shares change hands, compared with the
30-day average volume of 123,553
    ** Stock down ~13% this year, as of last close
    ** SWM shares fall as much as 3.7% to A$0.260, their lowest
since Nov. 2
    ** Stock last up 0.93% at A$0.2725

($1 = 1.5723 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))