Australia's DDH1 rises on merger plans with bigger rival Perenti

Perenti

26/06/2023 02:26

** Shares of Australia's DDH1  DDH.AX  rise as much as 11.6%
to A$0.96, on track for their best day since July 2022, if gains
hold 
    ** The mining and exploration services provider says it
would merge with bigger rival Perenti  PRN.AX  in a deal valued
at A$410 mln ($273.63 mln)
    ** Perenti stock plunges 11.4% post announcement and is set
to lose most since January 2022, if current trend holds 
    ** The implied offer value of A$1.01 per DDH1 share
represents a 17.4% premium to co's last close
    ** Perenti stock down 3% this year, as of last close, while
DDH down 3.4% YTD 

    ($1 = 1.4984 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))