Australia's Silver Chef jumps on sweetened offer for hospitality business

Siv Capital

23/09/2019 04:12

** Shares of Silver Chef Ltd  SIV.AX  rise as much as 13.1%
to A$0.735, their highest since Aug. 19
    ** Restaurant equipment lender receives revised offer of
A$18 mln ($12.20 mln) from private-equity firm Next Capital for
its hospitality business  urn:newsml:reuters.com:*:nFWN26B0H1
    ** Next Capital's earlier proposal involved a A$15 mln
payment for a number of Silver Chef units that constitute the
"hospitality business" 
    ** Company expects to be debt free should the new Next
Capital proposal be completed
    ** Silver Chef enters into an exclusivity deed with Next
Capital until Dec. 1 to progress the proposal
    ** Stock posts its biggest intraday percentage gain since
July 3
    ** Stock is down 74% this year, as of last close


($1 = 1.4760 Australian dollars)

 (Reporting by Nikhil Subba in Bengaluru)
 ((Nikhil.Subba@thomsonreuters.com))