Australia's Austal eyes best day in 9 months after rejecting $662 mln takeover bid

Austal

02/04/2024 24:41

** Shares of Austal  ASB.AX  rise as much as 10.9% to
A$2.440, on track for best day since July 4, 2023, if current
gains hold 
    ** Stock hits highest level since July 21, 2023 
    ** Global shipbuilder and defense prime contractor rejects
an A$1.02 bln ($661.88 mln) takeover offer from South Korea's
Hanwha Ocean  042660.KS 
    ** Says offer unlikely to be approved by Australian and U.S.
regulators due to sensitivity of its operations
    ** Co received A$2.825 per-share bid, a premium of 28.4% to
Austal's last closing price
    ** Austal up 8.4% this year, as of last close 

($1 = 1.5411 Australian dollars)

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