Australia's QANTM Intellectual Property hits 5-yr high on fresh buyout offer

Qantm Intellectual Property

12/03/2024 01:40

** Shares of QANTM Intellectual Property  QIP.AX  surge
18.7% to A$1.65, its highest level since March 2019
    ** Co receives non-binding indicative offer from Adamantem
Capital for a potential buyout at A$1.817/shr
    ** Offer is at a 30.7% premium to stock's last close of
A$1.390
    ** Adamantem indicative proposal is all cash with scrip
election of up to 50% - QIP
    ** Says the proposal represents higher price than Rouse
International Holdings' undisclosed proposal
    ** Adds no agreement has been reached between co & any party
    ** Stock up over 81% in last 12 months

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))