Aussie telecom firm Vonex soars on $10 mln rival takeover offer

Vonex

06/09/2024 05:03

** Shares of Australian telecommunication services firm
Vonex Ltd  VN8.AX  rise as much as 16.7% to A$0.042, their
highest level since April 6, 2023
    ** Stock logs biggest intraday pct jump since June 25; set
to end the week 9.6% higher, if trend holds - best week since
June
    ** More than 47 mln shares change hands vs 30-day average of
1.1 mln shares
    ** Says received takeover proposal from data and voice
services provider Swoop Holdings  SWP.AX , offering A$0.040 per
share to VN8 shareholder - 11.1% premium to last close
    ** SWP offer values VN8 equity at A$14.5 mln ($9.76 mln),
ahead of a rival A$13.6 mln valuation by MaxoTel
    ** VN8 board says do not consider SWP offer superior to
MaxoTel's; continues to recommend MaxoTel offer
    ** SWP shares trading 2.2% lower at A$0.22 as of 0329 GMT
    ** VN8 up 38.5% this year, as of last close


($1 = 1.4859 Australian dollars)

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