Australia's Genex Power hits 3-year high after takeover bid by Japanese firm
03/03/2024 23:44
** Shares of Genex Power GNX.AX surge as much as 37.8% to
A$0.255, their highest since Feb 15, 2021
** The renewable energy generator says it received
non-binding proposal from Japan's Electric Power Development
9513.T for acquiring co's shares it does not already own at
A$0.275 each
** The offer price represents a 48.6% premium on stock's
last close on Friday
** Adds co's independent committee determined the offer is
in the best interests of Genex shareholders
** About 5.8 mln shares change hands, compared with the
30-day average volume of 546,000
** Genex Power stock up 2.8% YTD, as of last close
(Reporting by Ayushman Ojha in Bengaluru)
((Ayushman.ojha@thomsonreuters.com;))