Australia's Appen loses most in 1-1/2 months on buyout bid from US-based Innodata

Innodata

13/03/2024 24:04

** Shares of software firm Appen  APX.AX  tank as much as
21.3% to A$0.850, their biggest intraday percentage loss since
Jan 22 
    ** Co receives proposal from U.S.-based digital data
solutions firm Innodata  INOD.O  for an all-stock deal offer 
    ** Buyout offer of A$0.70 worth of Innodata shares per share
of APX well below co's last close of A$1.08 on Tuesday 
    ** Appen shares soared as much as 40% on Tuesday, before
trading was halted pending a query by the exchange on the
unusual share movement
    ** More than 13.8 mln shares change hands, compared with the
30-day average volume of ~7.7 mln shares  
    ** Stock up 71.4% this year, as of last close, vs a 1.6%
increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))