Australia's McPherson's marks worst session in 6 months as buyout offer scrapped

McPherson's

15/06/2021 02:03

** McPherson's Ltd  MCP.AX  rises as much as 21.8% to
A$1.130, hitting its lowest since March 5
    ** The health and beauty products maker says after a
four-week due diligence period, suitor Arrotex Australia Group
backed out of buyout proposal worth A$205.4 mln ($158.45 mln)
 urn:newsml:reuters.com:*:nFWN2NW0VH
    ** MCP did not give details on reason for Arrotex's
withdrawal; reiterates FY21 outlook provided earlier
    ** Stock posts its biggest intraday percentage fall since
Dec 1, 2020
    ** More than 1.2 mln shares change hands, compared with the
30-day average volume of about 534,000
    ** Stock up 6.3% this year, as of last close

   ($1 = 1.2963 Australian dollars)

 (Reporting by Rashmi Ashok in Bengaluru)
 ((Rashmi.Ashok@thomsonreuters.com; +918061822604;))