Australia's Essential Metals jumps on $102 mln buyout deal with Develop Global

Develop Global

03/07/2023 02:24

** Shares of Essential Metals  ESS.AX  jump as much as 20.5%
to A$0.50, marking their biggest intraday pct gain since Jan. 9
    ** Develop Global  DVP.AX , backed by lithium producer
Mineral Resources  MIN.AX , proposes to acquire lithium
developer ESS in share-based deal worth A$152.6 mln ($101.60
mln)
    ** Implied offer price under proposal is A$0.56 per share
    ** ESS says board had unanimously recommended deal in the
absence of superior proposal
    ** ESS Stock hits highest level since May 19
    ** More than 2.7 mln ESS shares change hands vs the 30-day
average volume of ~358,000 shares
    ** Trading in DVP were yet to commence after it went on halt
before the deal announcement 
    ** ESS up 27.7% this year, as of last close
    
$1 = 1.5020 Australian dollars)  
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))