Australia's QANTM hits 7-year high on new buyout offer

Qantm Intellectual Property

08/05/2024 03:46

** Shares of QANTM Intellectual Property  QIP.AX  rise as
much as 7.7% to A$1.81, their highest since May 4, 2017
    ** Stock posts its biggest intraday pct gain since March 12
    ** IP services provider says it received an unsolicited
acquisition proposal for all shares of co from IPH  IPH.AX  
    ** IPH offers 0.291 IPH shares and a fully franked special
dividend of up to A$0.11 cash per QANTM share 
    ** QANTM is currently in talks with Adamantem Capital for
purchase offer of A$1.817 per QIP share
    ** About 1.2 mln QANTM shares change hands, compared with
the 30-day average volume of 133,099
    ** Stock of QANTM had risen 76.8% this year, as of last
close
    ** IPH shares fall as much as 1.3% on Wednesday to A$6.07

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))