Australia's Boart Longyear jumps most in 2 years on take-private transaction

Boart Longyear

26/12/2023 23:54

** Shares of Boart Longyear  BLY.AX  rise as much as 59.4%
to A$2.79 in their biggest intraday pct gain since Jan 7, 2021
    ** Stock hits its highest level since Feb 25, 2022
    ** Drilling service provider says it has entered into a
binding arrangement agreement with an affiliate of American
Industrial Partners Capital Fund VIII 
    ** Under the deal, American Industrial Partners Capital Fund
 will acquire all of the issued and outstanding common shares of
the company pursuant to a court-approved plan of arrangement
    ** Adds consideration payable under the transaction implies
an equity value for the company of about $371 mln
    ** Stock had fallen 7.2% this year, as of last close

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))