Australia's Orora eyes best day in over 15 years after rejecting $2.25 bln bid

Orora

13/08/2024 02:33

** Shares of Orora  ORA.AX  rise as much as 20.7% to A$2.30,
their biggest intraday jump since June 11, 2009
    ** The packing products maker hits highest level since April
2
    ** Co rejects A$3.42 bln ($2.25 bln) non-binding takeover
offer from private equity firm Lone Star Fund XII Acquisitions
    ** Says offer materially undervalues co; adds offer is
"opportunistic"
    ** Stock down 26.7% YTD as of last close
   


($1 = 1.5184 Australian dollars)

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