Australia's Ensurance gains on takeover offer by PSC Insurance

PSC Insurance

08/08/2023 05:50

** Shares of Ensurance Ltd  ENA.AX  surge as much as 35% to
A$0.270, their biggest intraday pct gain since March 26, 2021
    ** Says financial services provider PSC Insurance Group
 PSI.AX  to acquire ENA in a cash and stock deal
    ** Adds purchase price will be the greater of A$25.2 mln 
($16.49 mln) and 5 mln PSC shares 
    ** Co says deal values ENA at no less than A$25.2 mln and
each ENA share at 28 Australian cents apiece, representing a
premium of 40% to ENA's last close on Monday
    ** Stock hits highest level since May 30, 2022
    ** Stock has fallen 18.4% so far this year, as of last close



($1 = 1.5286 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))