Australia's Diverger jumps most in near 3 years after Count buyout

Diverger

22/09/2023 04:45

(Updates with E&P Capital's comments)
    ** Shares of Diverger Ltd  DVR.AX  rise as much as 19.6% to
A$1.070 - marking best day since Oct. 28, 2020 if gains hold
    ** Co says acquired by Count Ltd  CUP.AX  for A$45.3 mln
($29 mln)
    ** Under deal, DVR shareholders to receive A$0.367 per share
in cash and 1.38 Count shares per Diverger share held
    ** Per-share consideration represents a 27.4% premium to
DVR's last closing 
    ** Brokerage E&P Capital says co's projected 6.6x EBITA
multiple at a premium over its 5x estimate
    ** DVR stock hits highest level since Nov. 25, 2022
    ** Nearly 199,300 shares traded, versus 30-day average of
~17,000 shares
    ** DVR gained 14.1% this week, heading for its best week
since August 2022; down 8.2% this year, as of last close



($1 = 1.5605 Australian dollars)

 (Reporting by Adwitiya Srivastava and Roshan Thomas in
Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;
Roshan.Thomas@thomsonreuters.com))