Australia's Praemium hits record high on Netwealth's $583 mln takeover bid

PPS International (Holdings)

03/11/2021 24:08

** Shares of investment management platform provider
Praemium  PPS.AX  rise as much as 7.7% to a record high of
A$1.54, extending gains for a second consecutive session
    ** PPS surged to a record high on Tuesday after receiving a
A$785 mln ($583.18 mln) takeover bid from larger rival Netwealth
 NWL.AX  that its board rejected for "undervaluing" the company
 urn:newsml:reuters.com:*:nL4N2RS4QU
    ** Praemium, however, said it is open to talks at an
appropriate valuation
    ** NWL's bid consists of one company share for every 11.96
shares of PPS, implying a bid of A$1.5 apiece, representing a
5.3% premium to Praemium's last close of A$1.425
    ** PPS posts fourth straight day in the black and marks its
biggest intra-day percentage gain since Oct 18
    ** Stock more than doubled in value YTD, as of last close 
    
    ($1 = 1.3461 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))