Australia's Dropsuite hits near 12-yr high on $263 million buyout deal

Dropsuite

28/01/2025 01:08

** Shares of Dropsuite  DSE.AX  rise 29.8% to A$5.71, their
highest since May 16, 2013
    ** Stock posts its biggest intraday gain since July 3, 2020
    ** Cloud services provider says U.S. based IT management
software firm NinjaOne will buy co for A$420 million ($263.05
million) in cash
    ** Offer price of A$5.90 per share represents a 34.1%
premium to co's last close
    ** About 2.2 mln shares change hands, vs the 30-day average
of around 48,000
    ** Stock up 23.1% this year, including the day's move


($1 = 1.5967 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))