Australia's Energy One gains most in 9 years on takeover bid

Energy One

28/08/2023 02:45

** Shares of Energy One Ltd  EOL.AX  jump as much as 36.8%
to A$5.540, their biggest intraday pct gain since April 9, 2014 
    ** Co receives a confidential, indicative, incomplete,
conditional and non-binding proposal from STG
    ** Deal for indicative price of A$5.85 cash per share is at
a 44.4% premium to co's last close of A$4.05 on Aug 25
    ** Co also entered exclusivity deed for expedited period of
exclusivity to allow STG to complete confirmatory due diligence
    ** Stock hits highest level since Sept 6
    ** About 61,239 shares change hands, over six times compared
with the 30-day average volume 
    ** Stock down 9.4% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))