Australia's United Malt set for best day on near $1 bln offer from France's InVivo

United Malt

28/03/2023 24:48

** Shares of United Malt Group  UMG.AX  jump as much as
34.88% to A$4.64, hitting their highest since Aug 2021 
    ** Stock set for its best day, if gains hold 
    ** The commercial maltster said it got near $1 bln offer
from Malteries Soufflet, a branch of French agribusiness InVivo
    ** The offer price of A$5.00 per share represents a 45.3%
premium to United Malt's last close of A$3.44. Trading in shares
of the company was halted on Monday
    ** UMG disclosed it got the first offer of A$4.15 per share
in December followed by several other from French co 
    ** Stock is the among the biggest percentage gainer on the
the benchmark AXS 200  .AXJO     
    ** Stock down 0.9% this year, as of last close 
    


 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))