Genex Power jumps on 'constructive' talks regarding $230 mln buyout offer

Genex Power

23/09/2022 04:01

** Shares of Australia's Genex Power  GNX.AX  rise as much
as 9.5% to A$0.23, highest since Sept. 7
    ** Renewable energy and storage co says had constructive
negotiations with Scott Farquhar-led consortium regarding
potential buyout deal  urn:newsml:reuters.com:*:nASX5wFDY6
    ** Local media reported earlier that potential A$346.3
million ($229.77 mln) buyout deal by consortium led by Atlassian
co-founder Farquhar reached final stage
    ** However, co adds that consortium, which includes Skip
Essential Infrastructure Fund and Stonepeak Partners, has not
confirmed completion of due diligence or obtained committed
funding yet
    ** On Aug. 17, GNX received sweetened buyout of about
A$346.3 mln from consortium  urn:newsml:reuters.com:*:nL4N2ZS3MW
    ** Stock posts its biggest intraday pct gain since July 25
    ** Around 3.3 mln shares change hands, compared with the
30-day average volume of 2.1 mln
    ** Stock has risen 5% this year, as of last close
($1 = 1.5072 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))