Australia's Rex Minerals soars to more than three-year high on takeover bid
08/07/2024 01:40
** Shares of Rex Minerals RXM.AX soar as much as to 64.6%
to A$0.453, hitting their highest since May 21, 2021
** The diversified miner says MACH Metals Australia will
acquire all shares in co which it does not already own for A$393
million ($265.16 million)
** Offer price of A$0.47 per share is at a 71% premium to
Rex's last closing share
** Co says board unanimously recommends that shareholders
accept the proposal
** About 9.5 million shares exchange hands, 13.4 times the
30-day average of 709,585 shares
** Stock has risen ~38.6% this year, as of last close
($1 = 1.4821 Australian dollars)
(Reporting by Archishma Iyer)
((Archishma.Iyer@thomsonreuters.com;))