Australia's Quickstep hits 3-month high after rejecting takeover bid

Quickstep Holdings

08/11/2024 24:40

** Shares of Quickstep Holdings  QHL.AX  rise as much as
7.9% to A$0.41, their highest level since July 30
    ** Aerospace and defence equipment manufacturer rejects
takeover offer by private capital manager CPE Capital's unit
ADSAM Operations for A$28.7 mln ($19.15 mln)
    ** Offer price of A$0.4 per share is at a 105% premium to
QHL's last close on Nov. 6
    ** Says offer does not adequately reflect the value of co
    ** Shares add 77.3% in value so far this week, on track for
its best week to date
    ** QHL up 44.4% YTD, including current session's moves

($1 = 1.4988 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))