Australia's Hammer Metals jumps to near three-year high on Austral's $56.1 million buyout bid
BUZZ-Australia's Hammer Metals jumps to near three-year high on Austral's $56.1 million buyout bid ** Shares of Australia's Hammer Metals HMX.AX rise as much as 28.4% to A$0.070, their highest level since July 27, 2023
** Stock marks its biggest intraday pct gain since November 2025
** The mineral explorer gets buyout offer from Austral Resources Australia AR1.AX at total implied consider of A$0.087 per HMX share and valuing it at around A$80.7 million ($56.09 million)
** Offer price at over 60% premium to stock's last close
** Hammer will engage with Austral regarding the proposal, which could become a "superior proposal" to existing Larvotto Resources' LRV.AX bid of A$0.067 per HMX share
** About 14.5 million shares change hands, 4.7x the 30-day average
** Hammer Metals stock up more than 100%, YTD
($1 = 1.4386 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
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Australia's Hammer Metals rises on Austral takeover proposal
Australia's Hammer Metals rises on buyout proposal from Austral Resources