Australia's Genex Power set for biggest weekly gain in about 2 yrs on takeover bid

Genex Power

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))