Shares in struggling drone group Parrot surge after buyout offer
29/11/2018 13:17
PARIS, Nov 29 (Reuters) - Shares in French drone maker
Parrot PARRO.PA surged on Thursday after its majority
shareholder - the Seydoux family - launched a takeover offer for
the company whose shares have been hit by a series of weak
results.
Late on Nov. 28 the Seydoux family's Horizon vehicle
announced an offer of 3.50 euros per share to buy out Parrot.
The offer price marked a premium of 100 percent to Parrot's
closing price of 1.75 euros on Nov. 27.
Parrot shares, whose resumption of trading had been delayed
in light of the offer, were up 82 percent at 3.19 euros by 1318
GMT. The stock nevertheless remains down by around 60 percent
since the start of 2018.
(Reporting by Sudip Kar-Gupta;
Editing by Leigh Thomas)
((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))