Australia's Peak Rare Earths surges more than 150% on Shenghe buyout

Peak Rare Earths

15/05/2025 02:44

** Peak Rare Earths PEK.AX soar as much as 158.3% to A$0.310; marks biggest-ever intraday pct gain

** Stock hits highest since March 20, 2024

** Rare earths explorer will be acquired by China's Shenghe Resources 600392.SS for A$150.5 mln ($96.9 mln), in addition to the full amount raised under Peak's proposed A$7.5 mln entitlement offer

** Buyout offer of A$0.359/share, provided the entitlement offer is raised in full, represents 199% premium to last close

** YTD, PEK gains 141.7%

($1 = A$1.5533)

 (Reporting by Nichiket  Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com;))