Australia's Icar Asia skids as China's Autohome ends deal talks

Autohome

20/07/2021 03:26

** Shares of the automotive portals operator  ICQ.AX  slide
as much as 11.5% to A$0.425, set for their worst day since June
3
    ** Co says U.S.-listed Chinese firm Autohome Inc  2518.HK 
 ATHM.N  terminated talks to but co for A$0.50/share []
    ** ICQ says it has granted due diligence to Carsome Group
for its offer to buy co at A$0.55/share or A$243.1 mln ($178.6
mln)  urn:newsml:reuters.com:*:nASX8rjbxV
    ** While ATHM's offer was mostly conditional to regulatory
and shareholder approvals, Carsome's bid is conditional to due
diligence as well as it securing funding for the deal
    ** About 3.5 mln ICQ shares traded by 0204 GMT vs their
30-day moving avg of about 1.3 mln shares
    ** Up to Monday's close, stock had risen 24.7% this year

($1 = 1.3615 Australian dollars)

 (Reporting by Shashwat Awasthi)
 ((Shashwat.Awasthi@tr.com
mailto:Shashwat.Awasthi@thomsonreuters.com))