Australia's Senex Energy jumps on sweetened buyout bid from POSCO International

Posco International

07/11/2021 23:49

** Coal seam gas producer Senex Energy  SXY.AX  rises as
much as 4.7% to A$4.67, its biggest intraday pct jump since Oct
18
    ** Senex gets a sweetened buyout proposal from South Korean
trader POSCO International  047050.KS ; revised bid values SXY
at A$852.1 mln ($630.38 mln) (https://bit.ly/3mRaKCl)
    ** Revised bid for an offer price of A$4.60 per share - a
nil-premium to SXY's last close - but 4.5% higher than previous
offer of A$4.40 per share
    ** SXY intends to unanimously recommend the offer; extends
exclusivity period to Nov 26
    ** SXY hits highest since Oct 25
    ** SXY up ~80% this year, as of last close, outpacing a
13.5% increase in the ASX All Ordinaries index  .AORD  

     ($1 = 1.3517 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))