Australia's Torrens Mining rises on Coda's takeover offer

Coda Minerals

09/02/2022 02:07

** Shares of Torrens Mining  TRN.AX  climb as much as 23.3%
to A$0.185, marking their biggest intraday percentage gain since
Dec. 20, 2021
    ** Miner enters into bid implementation deed, under which
Coda Minerals  COD.AX  will offer to acquire all the issued
ordinary shares of Torrens  urn:newsml:reuters.com:*:nASX5hq8yM
    ** Under the offer, TRN shareholders will receive 0.23 Coda
shares for every share held
    ** Co says the offer values TRN at about A$0.202 per share,
representing a 34.7% premium to stock's last closing price
    ** TRN shares hit their highest since Jan. 5
    ** Trading volumes 2.2 times the 30-day average of 324,429
shares
    ** As of last close, stock down 14.3% this year
    ** COD shares fall as much as 4% to A$0.840, their lowest
since Jan. 28, on Wednesday

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))