Australia's Genex Power climbs 9% after sweetened buyout offer

Genex Power

17/08/2022 01:21

** Shares of the renewable energy developer  GNX.AX  rise
9.1% to A$0.24, their highest since Oct. 4, 2021
    ** GNX says it received a sweetened buyout offer of about
A$346.3 mln ($243.1 mln) from a consortium led by Atlassian
 TEAM.O  co-founder Scott Farquhar  urn:newsml:reuters.com:*:nL4N2ZS3MW
    ** The consortium, which includes Skip Essential
Infrastructure Fund and Stonepeak Partners, raises offer to 25
Australian cents/share from 23 cents earlier
    ** GNX says to recommend proposal if firm offer is made at
current price
    ** About 2 mln shares traded vs their 30-day moving avg of
3.5 mln shares
    ** Up to Tuesday's close, stock up 10% this year

 (Reporting by Shashwat Awasthi)
 ((Shashwat.Awasthi@tr.com
mailto:Shashwat.Awasthi@thomsonreuters.com))