Australia's Mcgrath eyes best day in over 3 years on $62 mln buyout offer

Mcgrath

24/03/2024 23:55

** Shares of Mcgrath  MEA.AX  rise as much as 25.5% to
A$0.590, on track for their best day since Feb 22, 2021, if
gains hold 
    ** Stock hits highest level since Feb 21, 2022
    ** The real estate firm receives offer from a consortium by
Knight Frank and Bayleys to acquire 100% shares of co 
    ** Under scheme, co's shareholders will have option to
receive A$0.60 cash per share, or unlisted scrip alternative, or
combination of both
    ** Co says all cash option values it at A$95.5 mln ($62.22
mln)
    ** Says co's board unanimously recommends shareholders vote
in favour of the scheme
    ** About 1.9 mln shares change hands, compared with 30-day
average trading volume of 176,031 shares 
    ** Mcgrath stock up 16.4% YTD, as of last close 
   
   ($1 = 1.5349 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))