Australia's Superloop soars on $306 mln takeover offer from Aussie Broadband

Superloop

25/02/2024 23:37

** Shares of internet broadband provider Superloop Ltd
 SLC.AX  soar as much as 11.4% to A$0.98, their highest since
Feb. 22, 2022
    ** SLC on track for a fourth straight session of gains;
among top gainers in the ASX All Ordinaries index  .AORD 
    ** Larger telecom rival Aussie Broadband  ABB.AX  makes an
A$466.6 mln ($306.14 mln) non-binding takeover offer for SLC
    ** Under takeover offer, SLC shareholders to get 0.21 ABB
share per every SLC share, implying offer price of A$0.95 per
share
    ** Offer price is at an 8.6% premium to SLC's last close of
A$0.875 
    ** ABB has acquired a 19.9% stake in SLC for A$0.95 cash per
share
    ** ABB falls up to 4.4% to A$4.330, marking its worst
intraday drop since Nov. 3 last year
    ** ABB among top 10 losers in the ASX All Ordinaries index

($1 = 1.5242 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))