Australia's Matrix Composites & Engineering hits three-year high on takeover deal

Matrix Composites & Engineering

20/04/2026 02:33

** Matrix Composites & Engineering MCE.AX shares rise as much as 5.4% to A$0.390, their highest level in three years

** Stock records its biggest intraday percentage gain since March 31

** Syntactic foam maker says specialised protective materials maker Advanced Innergy AIH.AX  has agreed to acquire company

** Offer values Matrix at A$0.40 a share in cash, representing an 8.1% premium to stock's prvs close

** Matrix’s board unanimously urges shareholders to back deal, barring a superior offer

** MCE up 48%, YTD

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))