Australia's TPC Consolidated hits record high on takeover offer from Wollar Solar

TPC Consolidated

02/04/2024 01:02

** Shares of energy retailer TPC Consolidated  TPC.AX  rise
as much as 38.3% to an all-time high of A$11.060
    ** Co enters binding agreement with Wollar Solar Holding
under which Wollar will acquire TPC for A$8.77 per share
    ** The offer represents a 9.6% premium to TPC's last closing
price and implies an equity value of A$100 mln ($64.87 mln)
    ** Shares set for best day since July 17, 2019, if current
gains hold
    ** As of last close, stock down 19.9% this year

($1 = 1.5415 Australian dollars)

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