NZ's EROAD on track for best day on receipt of buyout proposal

Constellation Software

22/06/2023 02:15

** Shares of EROAD  ERD.NZ  rise as much as 58.4% to
NZ$1.220, on track for their best day, if gains hold 
    ** The transport services firm says it has received an
unsolicited, non-binding indicative proposal from Brillian APAC
Pty Ltd, part of Volaris Group, which is the operating group of
Canada's Constellation Software  CSU.TO   urn:newsml:reuters.com:*:nFWN38D1R9
    ** Says proposal is to buy the co for NZ$1.30 per share,
implying a deal value of NZ$146.8 mln ($91.10 mln) 
    ** Adds that it has started a process to consider the offer,
although there is no certainty that review could result in a
transaction
    ** Shares hit highest since Dec 15, 2022
    ** Stock down ~18.1% this year, as of last close

    ($1 = 1.6113 New Zealand dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))