Australia's Best & Less Group falls on discounted bid

Best & Less group

01/05/2023 02:20

** Shares of Best & Less Group  BST.AX  drop as much as 4.3%
to A$1.90, their lowest since March 6
    ** The apparel retailer says it got all cash takeover offer
for A$1.89 per share from BB Family International Trust - with a
16.45% stake in co - and a retail investor 
    ** Offer price at a 4.8% discount to the stock's last close
on Friday
    ** Says major shareholders Allegro and Bignor intend to
accept the takeover offer in absence of a superior proposal
    ** "We will carefully consider the proposal and provide a
formal recommendation in our target's statement," - BST
    ** BST set for its biggest intraday pct loss since April 13
    ** About 232,000 shares change hand compared with 30-day
average volume of 139,000 shares
    ** YTD, stock up 5% as of last close


($1 = 1.4663 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))