Australia's Symbio Holdings climbs on buyout proposal from Superloop

Symbio Holdings

02/08/2023 02:09

** Shares of cloud communication software co Symbio Holdings
 SYM.AX  rise as much as 22.7% to A$2.870, their highest since
Dec. 9
    ** After market hours on Tuesday, co said it received an
indicative buyout proposal from Superloop Ltd  SLC.AX  
    ** Under the proposal, SYM shareholders would receive
A$1.425 in cash and 2.14 Superloop shares for each share held
    ** Says proposal values co at A$2.85 per share - a 21.8%
premium to last closing price
    ** Says it has entered into non-disclosure and exclusivity
agreements with Superloop
    ** SYM among top gainers on ASX All Ordinaries index  .AORD 
    ** As of last close, stock up 50% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))