Australia's TASK rises on buyout offer from US-based PAR Technology

PAR Technology

11/03/2024 24:52

** Shares of technology solutions provider TASK Group
 TSK.AX  rise as much as 105% to A$0.82, their biggest intraday
percentage gain on record 
    ** Co enters scheme implementation agreement for larger
overseas rival PAR Technology  PAR.N  to acquire TSK at a price
of A$0.81 apiece
    ** Says offer price at a 103% premium to TASK's closing
price of A$0.40 per share on March 8
    ** Recommends TASK shareholders vote in favour of the scheme
in the absence of a superior proposal
    ** Says scheme values TASK's equity at A$310 million
($205.25 million)
    ** Shares hit their highest level since April 20, 2021 
    ** More than 6.2 mln shares change hands, compared with the
30-day average volume of ~132,300 shares  
    ** Stock down 2.4% this year, as of last close, vs a 3.4%
increase in the benchmark S&P/ASX 200 index  .AXJO  

   ($1 = 1.5103 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))