Australia's AVJennings at more than 6-year high on $242 mln buyout offer

Avjennings

28/11/2024 24:28

** Shares of AVjennings  AVJ.AX  leap as much as 97% to
A$0.650; highest since March 28, 2018
    ** Stock logs record intraday pct gain
    ** Property developer gets takeover offer from investing
firm Proprium Capital Partners (Australia) and peer AVID
Property Group, valuing it at ~A$373 mln ($242 mln)
    ** Offer price of A$0.67 is 103% premium on last close
    ** About 4.7 mln shares traded vs 30-day avg of ~113,000;
busiest session since June 30, 2015
    ** Stock has doubled in value YTD

($1 = A$1.5401)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))