Australia's Kelsian Group sees best day ever after no intention to "Go-Ahead"

Kelsian

21/07/2022 02:35

** Shares of transit operator Kelsian Group Ltd  KLS.AX 
climb as much as 26.1% to A$6.86, mark their biggest ever
intraday gain 
    ** Co confirms it is not intending to make an offer for
British bus operator Go-Ahead Group PLC  GOG.L   urn:newsml:reuters.com:*:nASX7PWqst 
    ** Co said in June it may bid for Go-Ahead after the firm
agreed to a 647.7 million pound ($789 million) buyout from
another Australian group  urn:newsml:reuters.com:*:nL4N2Y02VW
    ** Says Australian equity market conditions at this time do
not enable co to pursue a possible deal for Go-Ahead despite
long-term strategic and economic rationale
    ** Brokerage RBC says KLS's announcement highlights that
they are remaining disciplined and unwilling to pursue
opportunities at any price
    ** RBC thinks KLS will continue to be on the front foot
looking for acquisition opportunities
    ** Shares hit their highest since June 14
    ** Volumes 3.7 times the 30-day average of 452,846 shares
    ** As of last close, stock down 26.3% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))