Australia's Capral hits over 8-year high on takeover bid

Capral

14/04/2021 02:49

** Shares of aluminium products distributor Capral  CAA.AX 
jump as much as 20.5% to A$7.400, their highest since February
2013 
    ** Co received a takeover bid from private equity firm
Allegro Funds  urn:newsml:reuters.com:*:nASX7g8Pc9
    ** Co considers the A$7.00 cash per share offer, a 14%
premium to stock's last close on Tuesday, has potential to
provide its shareholders with a liquidity event
    ** Co recommends shareholders to vote in favour of offer in
the absence of a superior deal
    ** Stocks marks its biggest intraday percentage gain since
July 27, 2017 
    ** On track for a second consecutive session of gain 
    ** Stock up ~3.2% this year, as of last close

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))