NZ's Arvida Group rallies on $746 mln takeover bid

Arvida

22/07/2024 01:00

** Shares of New Zealand's Arvida Group  ARV.NZ  rise as
much as 57.28% to NZ$1.62, their best intraday pct gain 
    ** Stock hits its highest since early June 2022
    ** U.S.-based private equity firm Stonepeak will buy out
Arvida for NZ$1.24 billion ($745.74 million) excluding debt
    ** ARV says Stonepeak is offering NZ$1.70 per share, which
is at a 65% premium compared with Friday's close
    ** Stock has fallen 6.4% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))