Australia's Spicers hits over 4-year high on takeover bid by Japan's Kokusai
18/01/2019 24:16
** Shares of paper maker Spicers Ltd SRS.AX surge as much
as 26.4 pct to A$0.067, their highest since Oct 2014
** Co says it signed an agreement with Japan's Kokusai Pulp
& Paper Co 9274.T under which Kokusai, subject to shareholder
approval, will acquire all shares in Spicers for a base
consideration of A$90 mln ($64.70 mln) or 4.3 cents a share
urn:newsml:reuters.com:*:nASX7mLsyN
** Spicers says if the agreement is implemented,
shareholders will receive an additional 2.3 cents per share
** Spicers posts biggest intraday pct gain since Feb 2016
** About 3.6 mln shares change hands, compared with 30-day
avg vol of about 1 mln shares
($1 = 1.3910 Australian dollars)
((Ambar.Warrick@thomsonreuters.com; +91-80-6749-6625; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net))