Australia's Sierra Rutile soars on receiving off-market bid

Sierra Rutile Holdings

15/07/2024 02:32

** Shares of Sierra Rutile  SRX.AX  soar as much as 15.6% to
A$0.185, hitting their highest since mid-October
    ** The natural rutile producer says it has received an
unsolicited bid from oil marketing company Leonoil for an
off-market takeover of all shares it does not own
    ** Leonoil currently holds a 19.85% stake in SRX
    ** Offer price of A$0.18 per share, a 12.5% upside to
stock's last close
    ** Stock has risen ~66.7% this year, as of last close


($1 = 1.4778 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))