Australia's De Grey Mining hits 16-year high on Northern Star Resources' buyout offer

Gold Road Resources

01/12/2024 23:49

** De Grey Mining  DEG.AX  jumps as much as 29.4% to
A$1.968, highest since April 2, 2008
    ** Stock posts biggest intraday pct gain since June 9, 2020
    ** Gold miner gets takeover offer from Northern Star
Resources  NST.AX , valuing it at A$5 bln ($3.25 bln)
    ** A$2.08 offer price a 36.8% premium to Friday's close
    ** NST drops as much as 5.2% to A$16.6; biggest intraday pct
decline since Nov. 7
    ** Gold Road Resources  GOR.AX , DEG's biggest shareholder,
rises as much as 10.7% to record high of A$2.065
    ** DEG, GOR among top gainers on benchmark index  .AXJO ,
NST top loser
    ** About 7.5 mln DEG shares traded, ~1.1x the 30-day avg
    ** DEG up 58.1% YTD

($1 = A$1.5394)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))