Australia's Engenco surges on $61 million buyout offer

Engenco

07/03/2025 24:25

** Shares of Engenco EGN.AX rise 33.3% to A$0.28, their highest level since Feb. 15

** The transportation company received an off-market takeover offer to acquire all of its ordinary shares for $0.305 cash per share from Elph Investments

** The offer values the company at A$96.4 million ($61.06 million)

** Stock rose as much as 38.1% earlier in the day, marking its biggest intraday gain since Sept. 7, 2011

** EGN up 54.1% YTD, including today's moves

($1 = 1.5788 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)

 ((Adwitiya.Srivastava@thomsonreuters.com))