Australia's Genex Power set for biggest weekly gain in about 2 yrs on takeover bid
08/03/2024 01:58
** Shares of Genex Power GNX.AX up 32.4% so far this week,
on track for their biggest weekly gain since July 2022, if gains
hold
** For the day, stock down as much as 1%
** The renewable energy generator on Monday said 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
** Says co's independent committee determined the offer is
in the best interests of Genex shareholders
** Stock up 36.1% YTD, as of lat close
(Reporting by Echha Jain in Bengaluru)
((Echha.jain@thomsonreuters.com))