Australia's Ellex Medical Lasers slumps on competition watchdog's review of Lumibird deal

Lumibird SA

01/05/2020 02:26

** Shares of medical equipment maker Ellex Medical Lasers
Ltd  ELX.AX  plunge nearly 16% to A$0.530, in their biggest
intraday pct fall since March 18
    ** Australia's competition watchdog informs Ellex and
Lumibird SA  LBIRD.PA  that it will commence a public review of
the proposed sale of Ellex's lasers and ultrasound business to
the French laser manufacturer  urn:newsml:reuters.com:*:nFWN2CI21Q
    ** Ellex had announced the A$100 mln ($64.81 mln) sale to
Lumibird in December last year, saying it would be debt-free
after the transaction  urn:newsml:reuters.com:*:nL4N28Y0HT
    ** Stock hits its lowest level since April 8
    ** More than 426,000 shares change hands, compared with the
30-day average of over 200,000 shares 
    ** Stock down 18.7% this year, as of last close

($1 = 1.5430 Australian dollars)

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))