Australia's Probiotec hits record high on takeover offer

Probiotec

22/12/2023 01:17

** Shares of Probiotec Ltd  PBP.AX  rise as much as 16.7% to
a record high of A$2.940
    ** Consumer products maker says it has entered into a
binding scheme implementation deed with Indonesia's Pyridam
 PYFA.JK  to acquire co's all shares by way of scheme of
arrangement 
    ** Co to receive cash consideration of A$3.00 per Probiotec
share
    ** Adds, scheme consideration implies an equity value of
about A$251 million  ($170.58 million) 
    ** Stock on track to record its biggest intraday pct gain
since Nov. 10, 2020 - if gains hold
    ** About 318,065 shares change hands, compared with the
30-day average volume of 25,771 shares 
    ** Stock has risen 16.1% this year as of last close


($1 = 1.4712 Australian dollars)


($1 = 1.4715 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))