Australia's East 33 rises on takeover offer at premium value

East 33

05/08/2024 02:33

** Shares of East 33  E33.AX  rise as much as 83.3% to
A$0.022, their highest levels since Feb 16
    ** Stock posts its biggest intraday pct gain since May 2,
2022
    ** The oyster producer says private firm Yumbah Aquaculture
will make a takeover offer to acquire all shares of East 33 at
A$0.022 apiece 
    ** Offer price at an 83.3% premium to last close
    ** Says independent board committee recommends shareholders
to accept the offer in the absence of a superior proposal
    ** About 1.1 mln shares change hands, compared with the
30-day average volume of 306,145
    ** Stock has risen 47.8% this year, as of last close

    

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))