Australia's Readytech posts record jump after receiving buyout bid

Readytech Holdings

31/10/2022 23:46

** Shares of ReadyTech Holdings  RDY.AX  jump as much as
31.2% to A$4.28, best intraday pct gain on record 
    ** Stock hits highest level since November 2021
    ** Software as a service (SaaS) co says it received A$481.4
million ($308.43 million) buyout offer from Pacific Equity
Partners (PEP), one of Australia's biggest private equity firms
 urn:newsml:reuters.com:*:nASX8pBKPk
    ** The proposal valued at A$4.50-per-share proposal
represents a near 39% premium to the stock's last close
    ** More than 146,000 shares change hands, compared with the
30-day average volume of about 54,000 shares
    ** RDY on track for its third straight session on gains 
    ** Stock has fallen 16.9% this year as of last close,
compared with a 9.3% decline in the ASX All Ordinaries Index
 .AORD 
($1 = 1.5608 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))