Australia's Schrole Group sees best day ever on buyout offer

Schrole

17/06/2024 04:50

** Shares of Schrole Group  SCL.AX  rise as much as 181.3%
to A$0.450, on track for best day ever - if current gains hold
    ** HR software firm enters into scheme implementation deed
for TES Global to buy co for 48.52 AU cents per share in cash
    ** Says offer price is at 203% premium to stock's last close
    ** Says offer values co's equity at A$18.15 mln ($11.98 mln)
    ** Stock hits its highest level since Dec. 12, 2022
    ** About 3 mln shares change hands, compared with the 30-day
average volume of 57,841
    ** Stock down 20% this year, as of last close

($1 = 1.5149 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))