Australia's Navitas sees steepest ever intraday gain on buyout offer
10/10/2018 01:20
** Navitas Ltd NVT.AX surges as much as 24.4 pct to
A$5.41, in its biggest ever intraday pct gain
** Stock hits its highest since Jan 22
** Education provider receives A$1.97 bln ($1.40 bln) buyout
offer from a consortium consisting of private equity firm BGH
Capital Pty Ltd, fund manager AustralianSuper Pty Ltd and top
shareholder Rodney Jones urn:newsml:reuters.com:*:nL4N1WP55R
** Consideration offers Navitas shareholders A$5.50 per
share in cash, a 26.4 percent premium as of last close
** Alternatively, deal offers A$2.75 per share in cash and 1
ordinary share in new unlisted company called RollCo for every 2
shares held in co
** About 1.7 mln shares change hands, compared with the
30-day average of 999,000
** Stock top pct gainer on Australian All Ordinaries index
.AORD
** Up to last close, stock had fallen 20.2 pct this year,
compared with 0.2 pct decline in Australian All Ordinaries index
($1 = 1.4071 Australian dollars)
((Reuters Messaging:
Devika.Syamnath.thomsonreuters.com@reuters.net))