Australia's MaxiPARTS logs best day in five years on buyout bid from Ares Management
03/09/2026 05:29
BUZZ-Australia's MaxiPARTS logs best day in five years on buyout bid from Ares Management ** Shares of Australia's MaxiPARTS MXI.AX rise as much as 33.9% to A$2.29, their biggest intraday gain since late July 2021
** Vehicle parts distributor receives takeover proposal from a Singapore-based unit of Ares Management for A$2.5 apiece
** Offer price reflects a premium of 46.2% to stock's last close
** Co has also agreed to acquire commercial vehicle parts supplier Air Brake Systems Unit Trust for A$11.2 million ($8.03 million)
** More than 169,000 shares change hands, about 3x the 30-day average
** YTD, stock down 0.5%
($1 = 1.3947 Australian dollars)
(Reporting by Subhalakshmi Dey in Bengaluru)
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