Australia's Genex Power eyes best day in over two years on buyout offer

Genex Power

25/07/2022 02:26

** Shares of power generation co Genex Power Ltd  GNX.AX 
surge as much as 51.9% to A$0.205 
    ** Stock to mark best day since March 2020, provided gains
hold 
    ** Co says a consortium of PE firms Skip Essential
Infrastructure Fund and Stonepeak Partners LLC offered to
acquire co for A$0.230 in cash  urn:newsml:reuters.com:*:nASX6FWqBS
    ** Offer price represents a 70.4% premium to stock's last
close on Friday
    ** GNX says no certainty that its board will engage further
with the consortium in relation to the indicative proposal 
    ** Stock hits highest since December 2021 and on track for a
fourth consecutive session of gains 
    ** About 11.1 mln shares change hands, compared with the
30-day average of 2.5 mln shares 
    ** Stock down 32.5% this year, as of last close 
($1 = 1.4526 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))