Australia's Midway eyes best day ever on takeover bid

Midway

14/11/2024 24:16

** Shares of Midway Ltd  MWY.AX  advance as much as 66.7% to
A$1.275, set for their best session ever — if gains hold 
    ** The wood fibre processing co says it has entered into a
binding scheme implementation deed with an entity owned by River
Capital 
    ** Total consideration for deal is A$104 million, with each
Midway shareholder to receive A$1.19 cash per share 
    ** Offer price implies a 56% premium to the last trading
price of Midway
    ** Co unanimously recommends shareholders to vote in favour
of the scheme
    ** Including day's moves, stock has risen ~78.8% YTD

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com))